- ADA price is showing signs of decline 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 downward trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair (data feed via Kraken).
Cardano is trading at important price levels, and support and resistance levels to watch for ADA are critical!
Cardano (ADA) Price Extends Decline!
Last week, Cardano’s price made several attempts to surpass the $0.400 resistance. However, the bulls failed and the price reacted downwards below the $0.388 support.
The price fell below the $0.380 and $0.365 support levels. Finally, it tested the $0.355 support. A low was formed near $0.3534, and the price is now attempting a small upward 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 downward trend line forming with resistance near $0.380 on the 4-hour chart of the ADA/USD pair. In the upward direction, sudden resistance is near the $0.375 area or the 50% Fib retracement level of the last decline from $0.3978 to $0.3534.
The next major resistance is forming near the $0.380 area or the trend line. It is close to the 61.8% Fib retracement level of the last decline from $0.3978 to $0.3534.
ADA/USD 4 Hour Price Chart
If there is a break above the $0.375 and $0.380 resistance levels, the price may start a good increase. In this case, the price may even surpass the $0.388 resistance area. The next key resistance could be $0.400, and it could test $0.42 above it.
If Cardano’s price fails to rise above the $0.375 and $0.380 resistance levels, it may continue to decline. The downward support is near the $0.355 level.
The next major support is near the $0.350 level. A break below the $0.350 level could open the doors for a new decline towards $0.320. The next major support is near the $0.312 level.
Technical Indicators
- 4-hour MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
- 4-hour RSI (Relative Strength Index) – The RSI for ADA/USD is currently below the 50 level.
- Main Support Levels – $0.355, $0.350, and $0.320.
- Main Resistance Levels – $0.375, $0.380, and $0.400.
