The price is currently trading lower than $0.350, which is also below the 55-day simple moving average (4-hours).
On the 4-hour chart, an important negative trend line is formed near $0.312, and there is resistance near this area (data feed via Bitfinex).
In the event that the price is unable to break through the $0.320 resistance zone, further downward movement is possible.
As with bitcoin, the price of Cardano is now trying to rise beyond $0.35 when measured against the US Dollar. If the ADA price breaks below the $0.300 support level, negative momentum may begin to build.
Analysis on the Price of Cardano
In the last week, the price of cardano was met with a significant amount of resistance close to the zone of $0.330 versus the US Dollar. The ADA/USD pair reached a high of about $0.332 before beginning a new downward trend.
There was a very noticeable movement below the support levels of $0.320 and $0.312. Even lower than that, the price dropped below the $0.300 support level and the 55 simple moving average (4-hour). A bottom was established close to $0.2952, and the price is currently correcting higher from this point.
Above the resistance zone located at $0.300, there was a little gain in price. On the bullish side, there is an immediate barrier located close to the $0.315 zone. It is now located close to the 23.6% Fib retracement level of the downward move that began at the swing high of $0.395 and ended at the low of $0.295.
On the 4-hour chart, a critical negative trend line is forming with resistance near $0.312, and the price is currently meeting this level. Above this level, the price may stage a recovery and go higher. The first big barrier is located close to the $0.320 level or the 55 simple moving average (4-hour).
The next significant barrier is located close to the $0.338 zone. It is very close to the 50% Fib retracement level of the downward move that began at the swing high of $0.395 and ended at the low of $0.295. A decisive move to the upside above the $0.338 level might potentially drive the price towards the $0.350 resistance level.
Any more advances might signal the beginning of a continuous climb toward the level of $0.380. In the event that prices go lower, there is short-term support located close to the $0.300 level.
The next major support is located close to the $0.288 level, and if that level is broken, there is a chance that the price will fall to the $0.265 support level. Should there be any additional losses, the level at $0.250 may come under scrutiny.
Cardano (ADA) Price
According to the chart, the current ADA price is trading at a level that is lower than $0.35 and the 55 simple moving average. If the price is unable to break through the $0.320 resistance zone, there is a chance that it will continue to move lower.
Indicators of a Technical Nature
4 hour MACD The MACD for ADA/USD has moved further into the bearish zone and is now losing momentum.
4 hour RSI – The relative strength index (RSI) for ADA/USD is currently less than 50.
Two important support levels are located at $0.300 and $0.288.
The key levels of resistance are located at $0.320 and $0.338.
