Cardano

Bitcoin

Resistance

Cardano (ADA) is moving lower below the $0.620 resistance zone. ADA could gain bearish momentum and decline toward the $0.50 support. 
<ul> 
 <li>ADA price is slowly moving lower from the $0.670 zone.</li> 
 <li>The price is trading below $0.620 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could attempt a fresh increase if the bulls remain active above the $0.560 support.</li> 
</ul> 
<h2 id="cardano-price-reaches-key-support">Cardano Price Reaches Key Support</h2> 
In the past few days, Cardano saw a steady decline from the $0.670 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-67k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-test-3250/" target="_blank" rel="noopener ">Ethereum</a>. ADA price declined below the $0.650 and $0.620 levels to enter a bearish zone. 
It even declined below $0.580 and tested $0.560. A low is formed at $0.5592 and the price is consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. 
ADA price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6010 zone. There is also a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair. 
The first resistance is near $0.6150 or the 50% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. The next key resistance might be $0.6280. If there is a close above the $0.6280 resistance, the price could start a strong rally. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601518" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461" alt="ADA Price Prediction" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Cardano-ADA.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ADAUSD/" target="_blank" rel="noopener nofollow">ADAUSD on TradingView.com</a> 
In the stated case, the price could rise toward the $0.6550 region. Any more gains might call for a move toward $0.670. 
<h2 id="more-losses-in-ada">More Losses in ADA?</h2> 
If Cardano’s price fails to climb above the $0.6150 resistance level, it could continue to move down. Immediate support on the downside is near the $0.560 level. 
The next major support is near the $0.520 level. A downside break below the $0.520 level could open the doors for a test of $0.50. The next major support is near the $0.4880 level. 
Technical Indicators 
4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. 
Major Support Levels – $0.5600, $0.5200, and $0.4880. 
Major Resistance Levels – $0.6150, $0.6280, and $0.6700.

ADA Price Prediction – Here’s Why Cardano Could Dump To $0.50

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