Cardano price did not exceed $0.40 and started another decline. ADA is now trading below $0.3850 and could extend losses in the near term.
- ADA price started a new decline and traded below $0.3880.
- The price is trading below $0.3850 and the 100 hourly simple moving average.
- There was a break below a rising trend line with support at $0.3845 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair may extend losses and test the $0.370 support zone.
Cardano price drops again
In recent days, Cardano has attempted a recovery wave above the $0.3650 zone, as Bitcoin It is Ethereum. However, ADA failed to clear the $0.40 resistance zone. A high was formed at $0.3967 and the price started a fresh decline.
There was a move below the $0.3880 and $0.3865 support levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $0.3620 swing low to $0.3967 high. Additionally, there was a break below a rising trend line with support at $0.3845 on the hourly chart of the ADA/USD pair.
ADA price is now trading below $0.3850 and the 100 hourly simple moving average. If there is another upward move, the price could face resistance near the $0.3850 zone.
The first resistance is near $0.3880. The next key resistance could be at $0.40. If there is a close above the $0.40 resistance, the price could begin a strong rally. In the stated case, the price could rise to the region of $0.4150. Any further gains may require a move towards $0.4250.
More disadvantages to ADA?
If Cardano price fails to rise above the $0.3850 resistance level, it could continue falling. Immediate support on the downside is near the $0.3795 level or the 50% Fibonacci retracement level of the upward movement from the $0.3620 swing low to $0.3967 high.
The next major support is near the $0.370 level. A break below the $0.370 level could open the door for a test of $0.350. The next major support is near the $0.3350 level.
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.
Key support levels – $0.3790, $0.370 and $0.350.
Main resistance levels – $0.3880 and $0.400.