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Cardano (ADA) Price Prediction: More Pain Yet To Come

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:42 am
2 mins read
Cardano (ADA) Price Analysi

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Cardano’s price started a major decline after it broke the key $0.4200 support. ADA could continue to move down unless it settles above the $0.50 pivot level.

  • ADA price is showing a lot of bearish signs below the $0.420 support against the US dollar.
  • The price is trading well below $0.400 and the 100 simple moving average (4-hours).
  • There are two bearish trend lines forming with resistance at $0.3700 and $0.3880 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move down below the $0.3500 support zone.

Cardano (ADA) Price Signals Bearish Wave

In the past few days, cardano’s price saw a steady decline from well above the $0.5000 level. The bears were able to push the price below the key $0.450 and $0.420 support levels.

The decline gained pace below the $0.400 level and the 100 simple moving average (4-hours). A low was formed near the $0.3500 level and the price started a minor upward move, similar to bitcoin and ethereum. ADA price climbed above the $0.3620 and $0.3700 levels.

There was a move above the 23.6% Fib retracement level of the downward move from the $0.4265 swing high to $0.3500 low. However, the price failed to continue higher and settled below $0.3800.

On the upside, an immediate resistance is near the $0.3700 zone. There are also two bearish trend lines forming with resistance at $0.3700 and $0.3880 on the 4-hours chart of the ADA/USD pair. The first major resistance is forming near the $0.3880 zone.

Cardano (ADA) Price Prediction

Source: ADAUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $0.4265 swing high to $0.3500 low is also near $0.3880. The main resistance is now forming near the $0.4080 level and the 100 simple moving average (4-hours). If there is an upside break above the $0.408 and $0.420 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $0.50 level.

More Pain?

If cardano’s price fails to recover above the $0.3880 and $0.400 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.360 level.

The main support is near the $0.350 level. A downside break below the $0.350 level could open the doors for a fresh decline towards $0.320. The next major support is near the $0.300 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.360, $0.350 and $0.300.

Major Resistance Levels – $0.3700, $0.388 and $0.408.

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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

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