Summary of Cardano (ADA) Price Analysis
- Cardano price is trading in a bearish zone below the $0.356 support zone against the US Dollar.
- The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.3100 swing low to $0.3872 high.
- The price could continue to move down if it stays below the $0.3560 resistance zone.
Current Market Situation for Cardano (ADA)
Cardano price is struggling below $0.356 against the US Dollar, similar to bitcoin. ADA price could start a fresh increase if it clears the $0.356 and $0.370 resistance levels. There was a break below a key bullish trend lien with support at $0.3480 on the 4-hours chart (data feed via Coinbase). The pair is now trading below $0.356 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.3485 zone and first major resistance is near the $0.356 level and 55 simple moving average (4-hours). Any more gains could start a steady increase towards the $0.400 level on ADA/USD pair’s chart.
Downside Risks for Cardano Price
On downside, an immediate support is near at around 0$338 level which is near 61.8% Fib retracement level of upward move from 0$3100 swing low and 0$3872 high . The next major supports are located at 0$320 and 0$300 levels respectively . If these two supports are breached, then ADA may perhaps decline towards 0$284 support level .
Upside Platforms for Cardano Price
If cardano clears 0$356 and 0$370 resistances , then it can start fresh increase on its chart . In order to open door for more gains , cardano needs to break above 55 simple moving average 4 hours . If that happens , then cardano will be staring into gold mine of profits as its potential target would be reached at around 0$400 mark .