Cardano

Bitcoin

Resistance

Cardano price failed to surpass $0.40 and started another decline. ADA is now trading below $0.3850 and might extend losses in the near term. 
<ul> 
 <li>ADA price started a fresh decline and traded below $0.3880.</li> 
 <li>The price is trading below $0.3850 and the 100-hourly simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $0.3845 on the hourly chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could extend losses and test the $0.370 support zone.</li> 
</ul> 
<h2 id="cardano-price-dips-again">Cardano Price Dips Again</h2> 
In the past few days, Cardano attempted a recovery wave above the $0.3650 zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-roadblocks-3450/" target="_blank" rel="noopener ">Ethereum</a>. However, ADA failed to clear the $0.40 resistance zone. A high was formed at $0.3967 and the price started a fresh decline. 
There was a move below the $0.3880 and $0.3865 support levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.3620 swing low to the $0.3967 high. Besides, there was a break below a key bullish trend line with support at $0.3845 on the hourly chart of the ADA/USD pair. 
ADA price is now trading below $0.3850 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the $0.3850 zone. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626614 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461" alt="Cardano Price ADA" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Cardano-ADA_8f33d2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first resistance is near $0.3880. The next key resistance might be $0.40. If there is a close above the $0.40 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4150 region. Any more gains might call for a move toward $0.4250. 
<h2 id="more-downsides-in-ada">More Downsides in ADA?</h2> 
If Cardano’s price fails to climb above the $0.3850 resistance level, it could continue to move down. Immediate support on the downside is near the $0.3795 level or the 50% Fib retracement level of the upward move from the $0.3620 swing low to the $0.3967 high. 
The next major support is near the $0.370 level. A downside break below the $0.370 level could open the doors for a test of $0.350. The next major support is near the $0.3350 level. 
Technical Indicators 
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. 
Major Support Levels – $0.3790, $0.370, and $0.350. 
Major Resistance Levels – $0.3880 and $0.400.

Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend

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Andre artikler udgivet 27. jun. 2024

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