Cardano (ADA) Price Analysis: Bears In Action Below $0.52

Live Bitcoin News
Updated Apr 17, 2024 24:44
Mitrade

■  ADA price is trading in a bearish zone below the $0.520 support zone against the US Dollar.

■  The price is now trading below $0.500 and the 55 simple moving average (4 hours).

■  There is a connecting bearish trend line forming with resistance near $0.4940 on the 4-hour chart (data feed via Coinbase).

■  The price could continue to move down if it stays below the $0.520 resistance zone.


Cardano price is struggling below $0.520 against the US Dollar, like Bitcoin. ADA price could start a fresh increase if it clears the $0.500 and $0.520 resistance levels.


Cardano Price (ADA) Analysis


In the past few days, Cardano price started a fresh decline from the $0.550 resistance against the US Dollar. The ADA/USD pair declined below the $0.520 and $0.500 support levels.


The price even declined below the $0.440 support and the 55 simple moving average (4 hours). It revisited the $0.4050 support zone. A low has formed near $0.4051 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $0.6241 swing high to the $0.4051 low.


On the upside, immediate resistance is near the $0.4950 zone. There is also a connecting bearish trend line forming with resistance near $0.4940 on the 4-hour chart.


The first major resistance is near the $0.5150 level or the 50% Fib retracement level of the recent decline from the $0.6241 swing high to the $0.4051 low. The next key resistance could be $0.5200 or the 55 simple moving average (4 hours)


A clear upside break above the $0.520 level might send the price toward the $0.550 resistance. Any more gains could start a steady increase toward the $0.600 level or even $0.6250.


On the downside, immediate support is near the $0.440 level. The next major support is near the $0.4050 level, below which the price may perhaps decline toward the $0.3850 support level. Any more losses might call for a test of the $0.350 level.


The chart indicates that ADA price is now trading below $0.500 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.520 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 below the 50 level.


Key Support Levels – $0.440 and $0.4050.


Key Resistance Levels – $0.5000 and $0.5200.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?