Cardano

Resistance

Cardano price started a fresh decline below the $0.4120 support. Ethereum’s decline seems to be dragging ADA lower toward the $0.380 support. 
<ul> 
 <li>ADA price started a fresh decline from the $0.450 resistance zone.</li> 
 <li>The price is trading below $0.4120 and the 100-hourly simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $0.4060 on the hourly chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to move down and test the $0.380 support zone.</li> 
</ul> 
<h2 id="cardano-price-shows-signs-of-more-downsides">Cardano Price Shows Signs of More Downsides</h2> 
After a steady increase, Cardano faced sellers near the <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-could-retrace-0-4250/" target="_blank" rel="noopener ">$0.450 resistance zone</a>. ADA formed a short-term top and started a pullback below the $0.4250 level. Recently, <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3200-2/" target="_blank" rel="noopener ">Ethereum’s decline</a> dragged it further lower below the $0.400 support. 
A low is formed near $0.3919 and the price is consolidating losses with a bearish angle. There is also a key bearish trend line forming with resistance at $0.4060 on the hourly chart of the ADA/USD pair. 
Cardano price is now trading below $0.4100 and the 100-hourly simple moving average. If there is a recovery wave, the price might face resistance near the $0.4050 zone and the 50% Fib retracement level of the downward move from the $0.4211 swing high to the $0.3919 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631431 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461" alt="Cardano Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first resistance is near $0.4150 or the 76.4% Fib retracement level of the downward move from the $0.4211 swing high to the $0.3919 low. The next key resistance might be $0.4220. If there is a close above the $0.4220 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4450 region. Any more gains might call for a move toward $0.4500. 
<h2 id="more-downsides-in-ada">More Downsides in ADA?</h2> 
If Cardano’s price fails to climb above the $0.4050 resistance level, it could continue to move down. Immediate support on the downside is near the $0.3920 level. 
The next major support is near the $0.3800 level. A downside break below the $0.3800 level could open the doors for a test of $0.3650. The next major support is near the $0.3500 level where the bulls might emerge. 
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 – $0.3920 and $0.3800. 
Major Resistance Levels – $0.4050 and $0.4150.

Cardano (ADA) Falls: Ethereum’s Decline Pulls Altcoins Down

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