Cardano (ADA) Price Prediction: Bears Target Fresh Lows Below $0.28
Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and $0.28 in the near term. ADA price is showing a lot of bearish signs below the...
Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and $0.28 in the near term.
- ADA price is showing a lot of bearish signs below the $0.320 support against the US dollar.
- The price is trading below $0.320 and the 100 simple moving average (4-hours).
- There was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
- The pair could continue to move down below the $0.300 support zone.
Cardano (ADA) Price Signals More Losses
In the past few days, cardano’s price saw a steady decline from well above the $0.3250 level. The bears were able to push the price below the $0.320 and $0.315 support levels.
The decline gained pace below the $0.314 level and the 100 simple moving average (4-hours). There was a move below the 50% Fib retracement level of the upward move from the $0.2997 swing low to $0.329 high. Besides, there was a break below a key rising channel with support near $0.320 on the 4-hours chart of the ADA/USD pair.
The pair is now trading below $0.320 and the 100 simple moving average (4-hours), similar to bitcoin and ethereum. On the upside, an immediate resistance is near the $0.312 zone.
Source: ADAUSD on TradingView.com
The first major resistance is forming near the $0.320 zone. The main resistance is now forming near the $0.3320 level. If there is an upside break above the $0.332 and $0.335 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.40 level.
More Losses?
If cardano’s price fails to recover above the $0.320 and $0.332 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.300 level.
The main support is near the $0.290 level. A downside break below the $0.290 level could open the doors for a fresh decline towards $0.265 in the coming days. The next major support is near the $0.250 level.
Technical Indicators
4-hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.300, $0.290 and $0.265.
Major Resistance Levels – $0.3200, $0.332 and $0.400.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
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