As of right now, the price is trading lower below $0.320, as well as the 55 simple moving average (4-hours).
On the 4-hour chart, a major bearish trend line is forming with resistance near $0.314, and the price is currently meeting that resistance.
If the price is unable to break through the $0.320 resistance zone, further downward movement in price is possible.
The price of Cardano is currently below $0.32 when measured against the US Dollar, mirroring the situation with bitcoin. The price of ADA needs to maintain its position above the $0.300 support level in order to prevent further losses.
Analysis on the Price of Cardano
In comparison to the US Dollar, the price of cardano continued its downward trend from the $0.335 zone this past week. The ADA/USD pair fell lower than the support levels of $0.320 and $0.312, respectively.
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 $0.2950, and the price is currently correcting higher from this point. Above the resistance zone located at $0.300, there was a slight increase in price.
On the positive side, an immediate barrier can be found close to the area around $0.312 and the 55-day simple moving average. It is currently located close to the 23.6% Fib retracement level of the decline that began from the swing high of $0.3795 and ended at the low of $0.295. On the 4-hour chart, a major bearish trend line is forming with resistance near $0.314, and the price is currently encountering this resistance.
Near the level of $0.320 lies the first significant barrier to buyers, which, if overcome, could lead to a price rebound. The next significant barrier is located close to the $0.335 zone. It is very close to the 50% Fib retracement level of the downward move that began at the swing high of $0.3795 and ended at the low of $0.295.
A decisive move to the upside above the $0.338 level could potentially send the price towards the $0.350 resistance level. Any further gains could signal the beginning of a steady 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 significant support is located close to the $0.295 level, and if this level is broken, then the price may potentially fall to the $0.265 support level. Should there be any further losses, the $0.252 level may come under scrutiny.
Cardano (ADA) Price
According to the chart, the current ADA price is trading at a level that is lower than $0.32 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.