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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano (ADA) Price Dives 6% But This Key Support Is The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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Cardano’s price started a fresh decline after it failed to surpass $0.40. ADA could extend its decline towards the key $0.335 support zone in the near term.

  • ADA price is gaining bearish momentum below the $0.380 support against the US dollar.
  • The price is trading below $0.380 and the 100 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.3850 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move down towards the $0.335 support zone.

Cardano’s ADA Price Starts Downside Correction

In the past few days, cardano’s price saw a steady increase above the $0.35 resistance zone. The price climbed above the $0.38 and $0.388 resistance levels.

The price even spiked above the $0.40 resistance before the bears appeared. A high was formed near $0.413 before the price started a downside correction, similar to bitcoin and ethereum. There was a break below a major bullish trend line with support near $0.3850 on the 4-hours chart of the ADA/USD pair.

Cardano price is now trading below $0.380 and the 100 simple moving average (4-hours). A low is formed near $0.354 and the price is showing bearish signs.

On the upside, an immediate resistance is near the $0.365 zone. It is near the 23.6% Fib retracement level of the recent decline from the $0.3995 swing high to $0.3543 low. The first major resistance is forming near the $0.376 zone.

The main resistance is now forming near the $0.3880 level and the 100 simple moving average (4-hours). It coincides with the 76.4% Fib retracement level of the recent decline from the $0.3995 swing high to $0.3543 low.

Cardano (ADA) Price

Source: ADAUSD on TradingView.com

If there is an upside break above the $0.380 and $0.384 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.42 level.

More Losses in ADA?

If cardano’s price fails to recover above the $0.376 and $0.380 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.350 level.

The next major support is near the $0.335 level. A downside break below the $0.335 level could open the doors for a fresh decline towards $0.320 in the coming days. The next major support is near the $0.300 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 – $0.350, $0.335 and $0.320.

Major Resistance Levels – $0.376, $0.380 and $0.400.

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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.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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