Cardano’s Price Trend Analysis: What to Expect
Cardano (ADA) price has begun a fresh decline, dipping below key support levels. Here’s what you can expect in the upcoming trading sessions:
ADA Price Movement
- ADA price initiated a decline, falling below $0.3880.
- The current price is trading under $0.3850 and the 100-hourly simple moving average.
- A significant bullish trend line support at $0.3845 was breached on the ADA/USD hourly chart.
- A potential continuation of losses could test the support level near $0.370.
Cardano Price Dips Again
In recent days, Cardano tried to recover above $0.3650, alongside Bitcoin and Ethereum. Despite efforts, ADA faced strong resistance at $0.40, resulting in a downward correction. The price reached a high of $0.3967 before starting a fresh decline.
Key observations regarding the recent price movement:
- Support levels at $0.3880 and $0.3865 were breached.
- The price dropped below the 23.6% Fib retracement level from $0.3620 to $0.3967.
- A crucial bullish trend line at $0.3845 was broken on the hourly chart.
The current ADA price is under $0.3850 and the 100-hourly SMA. In case of an upwards correction, resistance can be expected near $0.3850, followed by $0.3880 and $0.40 levels.
More Downsides in ADA?
If ADA fails to break above the $0.3850 barrier, a continued downtrend may persist. Key support levels and potential downward movements to watch out for include:
- Immediate support near $0.3795 or the 50% Fib retracement level.
- Major support at $0.370, a breach of which may lead to a test at $0.350.
- Further downside could see ADA testing the support at $0.3350.
Technical Indicators Overview
Key technical indicators to monitor for the ADA/USD pair:
- Hourly MACD โ Showing bearish momentum expansion.
- Hourly RSI โ RSI below the 50 level for ADA/USD.
- Major Support Levels โ $0.3790, $0.370, and $0.350.
- Major Resistance Levels โ $0.3880 and $0.400.
Hot Take: Stay Informed for Your Next Move!
As the Cardano price trend points towards a sustained decline, it’s crucial to stay updated on key support and resistance levels. Keep an eye on technical indicators for timely decision-making in your trading activities. Watch out for potential breakout points that could dictate the ADA price movement in the near term.
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