ADA Price (Cardano) Plunge To $0.32 On The Horizon As Bulls Show Weak Hands

2023-5-11 11:16

Cardano’s price started a fresh decline from the $0.40 resistance. ADA could decline further if there is a clear move below the $0.35 support.

ADA price is showing bearish signs and trading above $0.35 against the US dollar. The price is trading below $0.388 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could start a decent increase if it clears the $0.380 resistance zone. Cardano’s ADA Price Extends Decline

This past week, Cardano’s price made a couple of attempts to clear the $0.400 resistance. However, the bulls failed and the price reacted to the downside below the $0.388 support.

The price declined below the $0.380 and $0.365 support levels. Finally, it tested the $0.355 support. A low is formed near $0.3534 and the price is now attempting a minor upside correction, similar to Bitcoin and Ethereum.

ADA is still trading below $0.388 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.375 zone or the 50% Fib retracement level of the recent drop from the $0.3978 swing high to the 0.3534 low.

The next major resistance is forming near the $0.380 zone or the trend line. It is close to the 61.8% Fib retracement level of the recent drop from the $0.3978 swing high to the 0.3534 low.

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.375 and $0.380 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.388 resistance zone. The next key resistance might be $0.400, above which it could test $0.42.

More Losses?

If Cardano’s price fails to climb above the $0.375 and $0.380 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.355 level.

The next major support is near the $0.350 level. A downside break below the $0.350 level could open the doors for a fresh decline toward $0.320. The next major support is near the $0.312 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.355, $0.350, and $0.320.

Major Resistance Levels – $0.375, $0.380, and $0.400.

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Cardano (ADA) на Currencies.ru

$ 0.9029 (-0.79%)
Объем 24H $1.149b
Изменеия 24h: -2.63 %, 7d: -17.11 %
Cегодня L: $0.8775 - H: $0.9214
Капитализация $31.714b Rank 9
Цена в час новости $ 0.3585 (151.85%)

ada price cardano decline move clear below

Источник: newsbtc.com

ada price → Результатов: 126


Cardano (ADA) Price Bound for Another Correction Despite Already Immense Fall

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2022-12-29 19:45


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