- 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.
The price of Cardano is having a tough time staying above the $0.520 mark against the US Dollar, similar to Bitcoin‘s predicament. However, if ADA can overcome the resistance at $0.500 and $0.520, we might see it begin a new upward trend.
Cardano Price (ADA) Analysis
Recently, the price of Cardano dipped once again after hitting a roadblock at the $0.550 mark versus the US dollar. The ADA/USD pair then dropped below the $0.520 and $0.500 support thresholds.
The price dropped down below the $0.44 support and the 4-hour Simple Moving Average, reaching as low as $0.4050. It revisited the support area. A new low was formed at $0.4051, and currently, the price is consolidating by recovering some of its losses. There was a brief uptick above the 23.6% Fibonacci retracement level, which marks a portion of the recent decline from the $0.6241 peak to the $0.4051 trough.
The good news is that there’s strong resistance around the $0.4950 mark on the price chart. Additionally, a bearish trendline is emerging and offers further resistance at approximately $0.4940 on the 4-hour timeframe.
An initial significant hurdle lies around $0.5150, which is also the halfway mark in the recent price drop from $0.6241 peak to $0.4051 low. The next notable resistance might be found at $0.5200 or the 4-hour SMA (simple moving average) of $0.55.
If the price breaks clearly above the $0.520 mark, it may rise towards the resistance at $0.550. Further advances could trigger a continuous upward trend, potentially reaching the levels of $0.600 and even $0.6250.
If we consider the negative aspect, the price could find short-term support around $0.44. A more significant support lies at $0.405, and dropping below this point may lead to further declines, possibly reaching the support at $0.385. Should the price continue to fall, it might be pushed down to retest the $0.35 level.
The graph shows that ADA‘s current price is under $0.500 and falls below its 4-hour simple moving average. If this trend persists, the price may decrease further if it fails to surpass the resistance level at $0.520.
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.
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2024-04-16 08:32