Cardano’s ADA Price Extends Losses
The price of ADA, the cryptocurrency associated with Cardano, is currently experiencing a bearish trend against the US dollar. It is trading above $0.288 and the 100 simple moving average (4 hours), but it is struggling to stay above the $0.30 resistance level. There is a major bearish trend line forming with resistance near $0.288 on the 4-hour chart of the ADA/USD pair.
Key Points:
- Cardano’s ADA price is trading above $0.288 and the 100 simple moving average (4 hours).
- A major bearish trend line is forming with resistance near $0.288 on the 4-hour chart.
- If there is a close above the $0.30 resistance, the pair could start a recovery wave.
- The price has declined below $0.280 and tested the $0.275 support level.
- The next major support levels are $0.262 and $0.235.
If the price fails to climb above the $0.288 resistance level, it could continue its decline. The immediate support on the downside is near the $0.275 level, and a break below the $0.262 level could lead to a sharp fresh decline toward $0.235. On the upside, the next key resistance is at $0.285, followed by $0.288 and $0.300.
Hot Take: Cardano’s ADA price is currently facing significant resistance near $0.288. If it fails to break above this level, we could see further losses. However, if the price manages to close above $0.30, it could signal the start of a recovery.
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