ADA price is gaining bearish momentum below the $0.365 support zone against the US Dollar.
The price is now trading below $0.355 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $0.364 on the 4-hour chart (data feed via Coinbase).
The price could continue to move down if it stays below the $0.365 resistance zone.

Cardano price is struggling below $0.364 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.355 and $0.365 resistance levels.

Cardano Price Analysis

This past week, Cardano price saw a rejection pattern near the $0.382 zone against the US Dollar. The ADA/USD pair declined below the $0.380 and $0.368 support levels.

There was a break below a key bullish trend line with support near $0.364 on the 4-hour chart. The price even declined below the $0.355 support and the 55 simple moving average (4 hours). It revisited the $0.348 support zone.

A low is formed near $0.3470 and the price is consolidating losses. It is now trading below $0.365 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.3552 zone or the 23.6% Fib retracement level of the downward move from the $0.3819 swing high to the $0.3470 low.

The first major resistance is near the $0.364 level. It is close to the 50% Fib retracement level of the downward move from the $0.3819 swing high to the $0.3470 low.

A clear upside break above the $0.364 level might send the price toward the $0.380 resistance. Any more gains could start a steady increase toward the $0.388 level or even $0.400. On the downside, immediate support is near the $0.347 level.

The next major support is near the $0.332 level, below which the price may perhaps decline toward the $0.320 support level. Any more losses might call for a test of the $0.30 level.

The chart indicates that ADA price is now trading below $0.364 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.365 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 – $0.347 and $0.332.

Key Resistance Levels – $0.355 and $0.365.

The post Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.34 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 6, 2023 5:08 am