- ADA price failed to break above the $0.600 resistance and fell against the US Dollar.
- The price is now trading below $0.500 and the 55 simple moving average (4 hours).
- There was a break below the major uptrend line with support near $0.540 on the 4-hour chart (data feed via Bitfinex).
- The price could continue declining if it fails to stay above the $0.436 support area.
Cardano price struggles under $0.50 against the US dollar, similar to Bitcoin. ADA price could gain bearish momentum if it clears the $0.436 support.
Cardano Price Analysis
Cardano price last week faced a strong rejection near the $0.600 region against the US Dollar. The ADA/USD pair peaked near $0.594 and started a significant decline.
There was a clear move below the $0.550 and $0.520 support levels. Besides, there was a break below the major uptrend line with support near $0.540 on the 4-hour chart. The price even dropped below the $0.500 support and 55 simple moving average (4 hours).
A bottom formed near $0.434 and the price is now consolidating losses. He corrected a few pips above the $0.450 level. On the upside, there is immediate resistance near the $0.472 region.
The 23.6% Fib retracement level of the downside move from the $0.594 high to $0.434 is also near the $0.472 region. The next major resistance is near the $0.500 level and the 55 simple moving average (4-hours), where the bears may take a stand.
The main obstacle is near $0.515. It is near the 50% Fib retracement level of the downside move from $0.594 to the low of $0.434. A clear bullish break above the $0.515 level may send the price towards the $0.550 resistance. Any further gains could start a steady increase towards the $0.60 level in the near term.
On the downside, immediate support is near the $0.440 level. The next major support is near the $0.434 level, below which the price may decline towards the $0.40 support level. Any further losses may require a test of the $0.380 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 $0.436 support area.
4 hours 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 – $0.434 and $0.400.
Key resistance levels – $0.500 and $0.515.
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