Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.30

  • ADA price started a fresh decline from the $1.60 resistance against the US Dollar.
  • The price is now trading below $1.40 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1.312 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase if it manages to stay above the $1.30 support zone.

Cardano price is struggling below the $1.32 resistance against the US Dollar, unlike bitcoin. ADA price must clear $1.35 to start a fresh increase.

Cardano Price Analysis

This week, cardano price saw a fresh decline from the $1.40 zone against the US Dollar. The ADA/USD pair traded below the $1.35 support level to enter a bearish zone.

The bears gained strength for a move below the $1.32 level and the 55 simple moving average (4-hours). A low was formed near $1.287, and the price is now correcting losses. There was a move above the $1.30 resistance zone.

The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low. It is now facing resistance near the $1.35 level.

The next key resistance is near the $1.400 level. The 50% Fib retracement level of the downward move from the $1.593 swing high to $1.280 low is also near the $1.437. A clear break above the $1.400 resistance could pump the price towards the $1.45 level. Any more gains could push the price towards the $1.50 level.

On the downside, an immediate support is near the $1.312 level. There is also a major bullish trend line forming with support near $1.312 on the 4-hours chart.

The first major support is near $1.30. Any more losses might lead the price towards the $1.28 level, below which the bears could gain strength in the near term. In the stated case, the price could revisit $1.22.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $1.32 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase if it manages to stay above the $1.30 support zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still moving in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $1.312 and $1.300.

Key Resistance Levels – $1.350 and $1.400.

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