ADA price is trading in a bearish zone below the $0.30 support zone against the US Dollar.
The price is now trading above $0.26 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.285 on the 4-hours chart (data feed via Kraken).
The price could continue to move down if it stays below the $0.2850 resistance zone.

Cardano price is struggling below $0.285 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if it clears the $0.275 and $0.285 resistance levels.

Cardano Price Analysis

Earlier this month, cardano price saw a fresh decline below the $0.300 zone against the US Dollar. The ADA/USD pair declined below the $0.295 and $0.285 support levels.

The price even declined below the $0.265 support and the 55 simple moving average (4-hour). A low was formed near $0.2467 and the price is now consolidating losses. The price is now trading above $0.26 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $0.265 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.3290 swing high to $0.2467 low. The first major resistance is near the $0.275 level.

The next major resistance could be near the $0.285 zone. There is also a major bearish trend line forming with resistance near $0.285 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.3290 swing high to $0.2467 low.

A clear upside break above the $0.285 level might send the price towards the $0.300 resistance. Any more gains could start a steady increase towards the $0.320 level.

On the downside, an immediate support is near the $0.260 level. The next major support is near the $0.250 level, below which the price may perhaps decline towards the $0.235 support level. Any more losses might call for a test of the $0.212 level.

The chart indicates that ADA price is now trading above $0.260 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.285 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.260 and $0.250.

Key Resistance Levels – $0.275 and $0.285.

The post Cardano (ADA) Price Analysis: Key Resistance And Downtrend Intact appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ December 27, 2022 4:58 am