Cardano (ADA) Falls: Ethereum’s Decline Pulls Altcoins Down
25 Juli 2024 - 7:08AM
NEWSBTC
Cardano price started a fresh decline below the $0.4120 support.
Ethereum’s decline seems to be dragging ADA lower toward the $0.380
support. ADA price started a fresh decline from the $0.450
resistance zone. The price is trading below $0.4120 and the
100-hourly simple moving average. There is a key bearish trend line
forming with resistance at $0.4060 on the hourly chart of the
ADA/USD pair (data source from Kraken). The pair could continue to
move down and test the $0.380 support zone. Cardano Price Shows
Signs of More Downsides After a steady increase, Cardano faced
sellers near the $0.450 resistance zone. ADA formed a short-term
top and started a pullback below the $0.4250 level. Recently,
Ethereum’s decline dragged it further lower below the $0.400
support. A low is formed near $0.3919 and the price is
consolidating losses with a bearish angle. There is also a key
bearish trend line forming with resistance at $0.4060 on the hourly
chart of the ADA/USD pair. Cardano price is now trading below
$0.4100 and the 100-hourly simple moving average. If there is a
recovery wave, the price might face resistance near the $0.4050
zone and the 50% Fib retracement level of the downward move from
the $0.4211 swing high to the $0.3919 low. The first resistance is
near $0.4150 or the 76.4% Fib retracement level of the downward
move from the $0.4211 swing high to the $0.3919 low. The next key
resistance might be $0.4220. If there is a close above the $0.4220
resistance, the price could start a strong rally. In the stated
case, the price could rise toward the $0.4450 region. Any more
gains might call for a move toward $0.4500. More Downsides in ADA?
If Cardano’s price fails to climb above the $0.4050 resistance
level, it could continue to move down. Immediate support on the
downside is near the $0.3920 level. The next major support is near
the $0.3800 level. A downside break below the $0.3800 level could
open the doors for a test of $0.3650. The next major support is
near the $0.3500 level where the bulls might emerge. Technical
Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum
in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for ADA/USD is now below the 50 level. Major Support Levels –
$0.3920 and $0.3800. Major Resistance Levels – $0.4050 and $0.4150.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024