Cardano (ADA) Price Analysis: Key Resistance And Downtrend Intact

Cardano Price Analysis

Cardano (ADA) Price Analysis: Key Resistance And Downtrend Intact

ADA price is trading in a bearish zone below the $0.30 support zone against the US Dollar.
The price is now trading above $0.26 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.285 on the 4-hours chart (data feed via Kraken).
The price could continue to move down if it stays below the $0.2850 resistance zone.

Cardano price is struggling below $0.285 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if it clears the $0.275 and $0.285 resistance levels.
Cardano Price Analysis
Earlier this month, cardano price saw a fresh decline below the $0.300 zone against the US Dollar. The ADA/USD pair declined below the $0.295 and $0.285 support levels.
The price even declined below the $0.265 support and the 55 simple moving average (4-hour). A low was formed near $0.2467 and the price is now consolidating losses. The price is now trading above $0.26 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $0.265 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.3290 swing high to $0.2467 low. The first major resistance is near the $0.275 level.
The next major resistance could be near the $0.285 zone. There is also a major bearish trend line forming with resistance near $0.285 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.3290 swing high to $0.2467 low.
A clear upside break above the $0.285 level might send the price towards the $0.300 resistance. Any more gains could start a steady increase towards the $0.320 level.
On the downside, an immediate support is near the $0.260 level. The next major support is near the $0.250 level, below which the price may perhaps decline towards the $0.235 support level. Any more losses might call for a test of the $0.212 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.260 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.285 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.260 and $0.250.
Key Resistance Levels – $0.275 and $0.285.

Tags: ADA, Cardano

Leave a Reply

Your email address will not be published. Required fields are marked *

AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance