cryptocurrency

Cardano (ADA) Price Analysis: Uphill task near $0.465

  • 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.

Cardano Price (ADA)

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.

Technical Indicators

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.

Tags: ADA, Cardano

#Cardano #ADA #Price #Analysis #Uphill #task

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