• Cardano (ADA) price is trading in a bearish zone below the $0.355 support zone against the US Dollar.
• There are two bearish trend lines forming with resistance near $0.3400 and $0.3580 on the 4-hours chart (data feed via Kraken).
• The price could continue to move down if it stays below the $0.3550 resistance zone.
Cardano Price Analysis
Cardano (ADA) price is trading in a bearish zone below the $0.355 support zone against the US Dollar. The price even declined below the $0.340 support and the 55 simple moving average (4-hour). A low was formed near $0.3210 and the price is now consolidating losses.
Current Price Action
The price is now trading below $0.355 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.345 zone which is near 50% Fib retracement level of downward move from swing high of$ 03699 to low of 03210 . The first major resistance is at around$ 03500 level which coincides with 55 SMA(4 hours). Two bearish trend lines have been formed with resistances around 3400 and 3580 on 4 hour chart . If there’s an upside break above 3580, then ADA prices could start rising towards 3800 levels .
Potential Support & Resistance Levels
On lower side, immediate support levels lie at 33280 , 320 and 300 respectively . Any further decline could take ADA prices towards 2800 levels . On upper side, 345 , 350 , 358 are potential resistances for ADA prices .
Indicators
MACD – Currently MACD has started losing pace in bearish direction indicating that bears are still holding control over markets RSI – RSI value has dropped below 50 indicating that market momentum has shifted towards bears side
Conclusion
Overall, Cardano (ADA) price could continue to move down if it stays below the 03550 resistance zone