Logo
Cardano Ecosystem

NewsBTC

10/03/2024

·

69 views


Cardano (ADA) Struggles: Can Bulls Prevent Further Losses?

Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave. ADA price started a downward move below the $0.3550 support level. The...

Cardano (ADA) Struggles: Can Bulls Prevent Further Losses?
Cardano (ADA) Struggles

Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave.

  • ADA price started a downward move below the $0.3550 support level.
  • The price is trading below $0.350 and the 100-hourly simple moving average.
  • There is a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move down if it stays below the $0.360 resistance zone.

Cardano Price Dips Again

After testing the $0.4150 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.

The price even declined below $0.350 before the bulls appeared. A low was formed at $0.3360 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low.

Cardano price is now trading below $0.360 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair.

Cardano Price
Source: ADAUSD on TradingView.com

The first resistance is near $0.360 or the 50% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low. The next key resistance might be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.400 region. Any more gains might call for a move toward $0.4150.

More Downsides in ADA?

If Cardano’s price fails to climb above the $0.3500 resistance level, it could start another decline. Immediate support on the downside is near the $0.340 level.

The next major support is near the $0.3350 level. A downside break below the $0.3350 level could open the doors for a test of $0.3220. The next major support is near the $0.300 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.3400 and $0.3350.

Major Resistance Levels – $0.3500 and $0.3600.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on NewsBTC

ORIGINAL SOURCE

https://www.newsbtc.com/analysis/ada/car...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from NewsBTC

See more
Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside
NewsBTC
Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside

last Saturday at 9:10 AM

·

6 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)