Resistance

ADA failed to remain above 40 cents, and bears took over in the last few days.
Key Support levels: $0.38, $0.35
Key Resistance levels: $0.40, $0.44
With buying momentum lost, ADA fell back to the key support at 38 cents, and bulls will have a difficult time trying to defend this key level due to low interest from market participants.
The resistance is at 40 cents and has rejected ADA&#8217;s attempt at a breakout last week. The price has also formed a head and shoulders top pattern, which is bearish.
<figure id="attachment_248869" aria-describedby="caption-attachment-248869" style="width: 1814px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40.png" data-wpel-link="internal"><img class="size-full wp-image-248869" src="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40.png" alt="ADAUSDT_2023-05-02_15-49-40" width="1814" height="803" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40.png 1814w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40-300x133.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40-1024x453.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40-768x340.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40-1536x680.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-49-40-50x22.png 50w" sizes="(max-width: 1814px) 100vw, 1814px" /></a><figcaption id="caption-attachment-248869" class="wp-caption-text">Chart by TradingView</figcaption></figure>
Trading Volume: The volume has been declining steadily over the past few days. This has to change if ADA is to hold at the key support.
RSI: The daily RSI fell under 50 points and, in the process made a lower high.
MACD: The daily MACD is bearish, and its histogram is making lower lows. The MACD moving averages are also expanding downwards, which shows that momentum favors sellers right now.
<figure id="attachment_248864" aria-describedby="caption-attachment-248864" style="width: 1813px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27.png" data-wpel-link="internal"><img class="size-full wp-image-248864" src="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27.png" alt="ADAUSDT_2023-05-02_15-38-27" width="1813" height="860" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27.png 1813w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27-300x142.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27-1024x486.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27-768x364.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27-1536x729.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/ADAUSDT_2023-05-02_15-38-27-50x24.png 50w" sizes="(max-width: 1813px) 100vw, 1813px" /></a><figcaption id="caption-attachment-248864" class="wp-caption-text">Chart by TradingView</figcaption></figure>
<h2 id="bias">Bias</h2>
The bias for ADA is bearish.
<h2 id="short-term-prediction-for-ada-price">Short-Term Prediction for ADA Price</h2>
It is critical for buyers to defend the support at 38 cents. Failing to do so could mean ADA might go to 35 cents next in search of support.
The post <a href="https://cryptopotato.com/ada-fails-at-0-40-as-market-slows-down-is-0-35-incoming-cardano-price-analysis/" rel="nofollow">ADA Fails at $0.40 as Market Slows Down, is $0.35 Incoming? (Cardano Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

ADA Fails at $0.40 as Market Slows Down, is $0.35 Incoming? (Cardano Price Analysis)

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