ADA price is showing bearish signs below the $0.412 support zone against the US Dollar.
The price is now trading below $0.40 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $0.3980 on the 4-hour chart (data feed via Coinbase).
The price could continue to move down if it stays below the $0.412 resistance zone.

Cardano price is struggling below $0.412 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.398 and $0.412 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.415 zone against the US Dollar. The ADA/USD pair declined below the $0.405 and $0.400 support levels.

The price even declined below the $0.385 support and the 55 simple moving average (4 hours). It revisited the $0.3800 support zone. A low is formed near $0.3803 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.3980 on the 4-hour chart. On the upside, immediate resistance is near the $0.3880 zone or the 23.6% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

The first major resistance is near the $0.400 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.

A clear upside break above the $0.400 level might send the price toward the $0.412 resistance. Any more gains could start a steady increase toward the $0.425 level. On the downside, immediate support is near the $0.380 level.

The next major support is near the $0.376 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.

The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.412 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $0.380 and $0.350.

Key Resistance Levels – $0.398 and $0.412.

The post Cardano (ADA) Price Analysis: Upsides Capped Near $0.40 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ May 2, 2023 5:08 am