- ADA price is trading in a bearish zone below the $0.280 support zone against the US Dollar.
- The price is now trading below $0.270 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.270 on the 4-hour chart (data feed via Coinbase).
- The price could continue to move down if it stays below the $0.278 resistance zone.
Cardano price is struggling below $0.278 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.270 and $0.278 resistance levels.
Cardano Price Analysis
Earlier this month, Cardano price extended its decline below the $0.280 support against the US Dollar. The ADA/USD pair declined below the $0.278 and $0.270 support levels.
The price even declined below the $0.257 support and the 55 simple moving average (4 hours). It revisited the $0.2520 support zone. A low is formed near $0.2520 and the price is now attempting a recovery wave. There was a minor increase above the 23.6% Fib retracement level of the main decline from the $0.3024 swing high to the $0.2520 low.
It is now trading below $0.270 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.270 zone. There is also a key bearish trend line forming with resistance near $0.270 on the 4-hour chart.
The first major resistance is near the $0.278 level. It is close to the 50% Fib retracement level of the main decline from the $0.3024 swing high to the $0.2520 low.
The next key resistance could be $0.288. A clear upside break above the $0.288 level might send the price toward the $0.300 resistance. Any more gains could start a steady increase toward the $0.325 level or even $0.332.
On the downside, immediate support is near the $0.2575 level. The next major support is near the $0.252 level, below which the price may perhaps decline toward the $0.232 support level. Any more losses might call for a test of the $0.220 level.
The chart indicates that ADA price is now trading below $0.270 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.278 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.2575 and $0.2520.
Key Resistance Levels – $0.2700 and $0.278.
