- ADA price failed to break above the $0.500 resistance and fell against the US Dollar.
- The price is now trading below $0.480 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.462 on the 4-hour chart (data feed via Bitfinex).
- The price may continue to decline if it fails to stay above the $0.432 support area.
Cardano price is struggling under $0.48 against the US dollar, similar to Bitcoin. ADA price could gain bearish momentum if it crosses the $0.432 support level.
Cardano Price Analysis
Cardano price last week faced a strong rejection near the $0.520 region against the US Dollar. The ADA/USD pair peaked near $0.520 and started a new low.
There was a clear move below the $0.500 and $0.480 support levels. The price dropped below the $0.450 support and the 55 simple moving average (4-hours). A bottom formed near $0.433 and the price is now consolidating losses.
It corrected a few pips above the $0.442 level. The price rose above the 23.6% Fib retracement level of the downside move from the $0.490 swing high to $0.433 low. On the upside, the immediate resistance is near the $0.462 area and the 55 simple moving average (4-hours).
There is also a major bearish trend line forming with resistance near $0.462 on the 4 hours chart. The trend line is near the 50% Fib retracement level of the downward movement from the $0.490 swing high to $0.433 low.
The next major resistance is near the $0.475 level. The main hurdle is near $0.500. A clear bullish break above the $0.500 level may lead the price towards the $0.520 resistance level. Any further gains could start a steady increase towards the $0.55 level in the near term.
On the downside, immediate support is near the $0.440 level. The next major support is near the $0.432 level, below which the price may decline towards the $0.40 support level. Any further losses may require a test of the $0.355 level.
The Schedule It indicates that the price of ADA is now trading below $0.50 and the 55 simple moving average (4 hours). In general, the price could continue declining if it fails to stay above the $0.432 support area.
4-hour MACD – The MACD for ADA/USD is now losing momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.432 and $0.400.
Key resistance levels – $0.462 and $0.500.
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