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

Source Livebitcoinnews

Apr 16, 2024 05:08

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.