Cardano (ADA) is moving lower below the $0.620 resistance zone. ADA could gain bearish momentum and decline toward the $0.50 support. ADA price is slowly moving lower from the $0.670 zone. The price is trading below $0.620 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could attempt a fresh increase if the bulls remain active above the $0.560 support. Cardano Price Reaches Key Support In the past few days, Cardano saw a steady decline from the $0.670 resistance zone, like Bitcoin and Ethereum. ADA price declined below the $0.650 and $0.620 levels to enter a bearish zone. It even declined below $0.580 and tested $0.560. A low is formed at $0.5592 and the price is consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. ADA price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6010 zone. There is also a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair. The first resistance is near $0.6150 or the 50% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. The next key resistance might be $0.6280. If there is a close above the $0.6280 resistance, the price could start a strong rally. Source: ADAUSD on TradingView.com In the stated case, the price could rise toward the $0.6550 region. Any more gains might call for a move toward $0.670. More Losses in ADA? If Cardano’s price fails to climb above the $0.6150 resistance level, it could continue to move down. Immediate support on the downside is near the $0.560 level. The next major support is near the $0.520 level. A downside break below the $0.520 level could open the doors for a test of $0.50. The next major support is near the $0.4880 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining 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 – $0.5600, $0.5200, and $0.4880. Major Resistance Levels – $0.6150, $0.6280, and $0.6700.
Cardano (COIN:ADAUSD)
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Cardano (COIN:ADAUSD)
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