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ADA Price Consolidates Below $0.30 – What Could Trigger A Sharp Decline?

Aayush Jindal by Aayush Jindal
3 months ago
in ADA
Reading Time: 2 mins read

Cardano’s price is struggling below the $0.30 zone. ADA could start a sharp decline if it breaks the $0.2765 support zone in the near term.

  • ADA price is moving lower below the $0.292 support against the US dollar.
  • The price is trading below $0.290 and the 100 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could decline heavily if the bulls fail to protect the $0.2765 support zone.

Cardano’s ADA Price Faces Uphill Task

This past week, Cardano’s price attempted a fresh increase above the $0.285 zone. The price climbed above the $0.295 resistance zone but the bears were active near the $0.30 zone.

A high was formed near $0.3015 before there was a fresh decline. The price declined below the $0.285 level and tested the $0.2765 support. It is now consolidating losses below $0.292, similar to Bitcoin and Ethereum.

There was a minor recovery wave above the 50% Fib retracement level of the downward move from the $0.3013 swing high to the $0.2754 low. However, the bears were active above the $0.290 level. ADA is now trading below $0.290 and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.288 zone and the 100 simple moving average (4 hours).

Cardano’s ADA Price

Source: ADAUSD on TradingView.com

The first major resistance is forming near the $0.292 zone or the 61.8% Fib retracement level of the downward move from the $0.3013 swing high to the $0.2754 low. The next key resistance might be $0.30. If there is a close above the $0.30 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.320 resistance zone.

More Losses in ADA?

If Cardano’s price fails to climb above the $0.292 resistance level, it could continue to move down. Immediate support on the downside is near the $0.2815 level and the trend line.

The next major support is near the $0.2765 level. A downside break below the $0.2765 level could open the doors for a sharp fresh decline toward $0.255. The next major support is near the $0.232 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 – $0.2815, $0.2765, and $0.255.

Major Resistance Levels – $0.288, $0.292, and $0.300.

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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