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Cardano (ADA) Price Prediction

ADA Price (Cardano) Could Narrowly Avoid a Major Drop If It Closes Above $0.4

Aayush Jindal by Aayush Jindal
4 weeks ago
in ADA
Reading Time: 2 mins read

Cardano’s price started a fresh decline from the $0.415 resistance. ADA could decline further if there is a clear move below the $0.38 support.

  • ADA price is struggling to gain pace above $0.40 and $0.415 against the US dollar.
  • The price is trading below $0.400 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.398 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 $0.400 resistance zone.

Cardano’s ADA Price Faces Resistance

This past week, Cardano’s price made a couple of attempts to clear the $0.415 resistance. However, the bulls struggled to gain strength for a sustained move above $0.415.

As a result, there was a fresh decline toward the $0.38 support. A low is formed near $0.3800 and the price is showing a few bearish signs, similar to Bitcoin and Ethereum. It is now trading below $0.400 and the 100 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.398 zone. There is also a major bearish trend line forming with resistance near $0.398 on the 4-hour chart of the ADA/USD pair.

The trend line is close to the 50% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low. The next major resistance is forming near the $0.400 zone or the 100 simple moving average (4 hours).

The 61.8% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low is also near $0.4015. If there is an upside break above the $0.402 and $0.405 resistance levels, the price could start a decent increase.

ADA Price (Cardano)

Source: ADAUSD on TradingView.com

In the stated case, the price could even surpass the $0.415 resistance zone. The next key resistance might be $0.432, above which it could test $0.45.

More Losses?

If Cardano’s price fails to climb above the $0.400 and $0.415 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.380 level.

The next major support is near the $0.365 level. A downside break below the $0.365 level could open the doors for a fresh decline toward $0.350. The next major support is near the $0.325 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 – $0.380, $0.365, and $0.350.

Major Resistance Levels – $0.400, $0.415, and $0.432.

Tags: ADAadausdADAUSDTCardano
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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