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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Cardano (ADA) Falls: Ethereum’s Decline Pulls Altcoins Down

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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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.

Cardano Price
Source: ADAUSD on TradingView.com

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.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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