Cardano (ADA) Price Analysis: Key Resistance Intact Near $0.32

Cardano Price Analysis

Cardano (ADA) Price Analysis: Key Resistance Intact Near $0.32

ADA price is signaling a bearish bias below the $0.35 support zone against the US Dollar.
The price is now trading below $0.320 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.314 on the 4-hours chart (data feed via Bitfinex).
The price could continue to move down if it fails to surpass the $0.320 resistance zone.

Cardano price is struggling below $0.32 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.300 support to avoid more downsides.
Cardano Price Analysis
This past week, cardano price saw a fresh decline from the $0.335 zone against the US Dollar. The ADA/USD pair declined below the $0.320 and $0.312 support levels.
The price even declined below the $0.300 support and the 55 simple moving average (4-hour). A low was formed near $0.2950 and the price is now correcting higher. There was a minor increase above the $0.300 resistance zone.
On the upside, an immediate resistance is near the $0.312 zone and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low. There is also a major bearish trend line forming with resistance near $0.314 on the 4-hours chart.
The first major resistance is near the $0.320 level, above which the price might recover. The next major resistance is near the $0.335 zone. It is near the 50% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low.
A clear upside break above the $0.338 level might send the price towards the $0.350 resistance. Any more gains could start a steady increase towards the $0.380 level. On the downside, an immediate support is near the $0.300 level.
The next major support is near the $0.295 level, below which the price may perhaps decline towards the $0.265 support level. Any more losses might call for a test of the $0.252 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.32 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to surpass the $0.320 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 – $0.300 and $0.295.
Key Resistance Levels – $0.320 and $0.335.

Tags: ADA, Cardano

Leave a Reply

Your email address will not be published.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

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
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