- ADA price failed to break above the $0.500 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 $0.460 on the 4-hour chart (data feed via Bitfinex).
- The price could continue declining if it fails to stay above the $0.425 support area.
Cardano price is struggling under $0.50 against the US dollar, similar to Bitcoin. ADA price could gain bearish momentum if it clears the $0.425 support.
Cardano Price Analysis
Cardano price last week faced a strong rejection near the $0.500 region against the US Dollar. The ADA/USD pair peaked near $0.485 and started a new decline.
There was a clear move below the $0.475 and $0.450 support levels. Besides, there was a break below the major uptrend line with support near $0.460 on the 4-hour chart. The price even declined below the $0.440 support level and the 55 simple moving average (4-hours).
A bottom formed near $0.425 and the price is now consolidating losses. It corrected a few pips above the $0.440 level. On the upside, the immediate resistance is near the $0.455 area and the 55 simple moving average (4-hours).
The next major resistance is near the $0.465 level. It is near the 23.6% Fib retracement level of the downside move from $0.594 to the low of $0.425.
The main hurdle is near $0.500. A clear bullish break above the $0.500 level may lead the price towards the $0.515 resistance. It is close to the 50% Fib retracement level of the downside move from $0.594 to the low of $0.425.
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 $0.432 level. The next major support is near the $0.425 level, below which the price may decline towards the $0.40 support level. Any further losses may require a test of the $0.365 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 may continue to decline if it fails to stay above the $0.425 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 above the 50 level.
Key support levels – $0.432 and $0.425.
Key resistance levels – $0.465 and $0.500.
#Cardano #ADA #Price #Analysis #Uphill #task