Cardano (ADA) Price Analysis: Bulls Lose Control Below $0.50
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■ ADA price is trading in a bearish zone below the $0.50 support zone against the US Dollar.
■ The price is now trading below $0.50 and the 55 simple moving average (4 hours).
■ There is a connecting bearish trend line forming with resistance near $0.460 on the 4-hour chart (data feed via Coinbase).
■ The price could continue to move down if it stays below the $0.50 resistance zone.
Cardano price is struggling below $0.50 against the US Dollar, like Bitcoin. ADA price could start a fresh increase if it clears the $0.480 and $0.500 resistance levels.
Cardano Price (ADA) Analysis
In the past few days, Cardano price started a fresh decline from the $0.5220 resistance against the US Dollar. The ADA/USD pair declined below the $0.500 and $0.480 support levels.
The price even declined below the $0.4650 support and the 55 simple moving average (4 hours). It revisited the $0.4450 support zone. A low has formed near $0.4450 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $0.5219 swing high to the $0.4450 low.
On the upside, immediate resistance is near the $0.460 zone. There is also a connecting bearish trend line forming with resistance near $0.460 on the 4-hour chart.
The first major resistance is near the $0.4840 level or the 55 simple moving average (4 hours) or the 50% Fib retracement level of the recent decline from the $0.5219 swing high to the $0.4450 low. The next key resistance could be $0.50.
A clear upside break above the $0.50 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 $0.4450 level. The next major support is near the $0.4250 level, below which the price may perhaps decline toward the $0.4050 support level. Any more losses might call for a test of the $0.380 level.
The chart indicates that ADA price is now trading below $0.50 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.50 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 – $0.4450 and $0.4250.
Key Resistance Levels – $0.4600 and $0.5000.
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* 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.
