Cardano (ADA) Price Analysis: Key Resistance Intact Near $0.32

Cardano price is struggling below $0.32 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.300 support to avoid more downsides.

Cardano Price Analysis

This past week, cardano price saw a fresh decline from the $0.335 zone against the US Dollar. The ADA/USD pair declined below the $0.320 and $0.312 support levels.

The price even declined below the $0.300 support and the 55 simple moving average (4-hour). A low was formed near $0.2950 and the price is now correcting higher. There was a minor increase above the $0.300 resistance zone.

On the upside, an immediate resistance is near the $0.312 zone and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low. There is also a major bearish trend line forming with resistance near $0.314 on the 4-hours chart.

The first major resistance is near the $0.320 level, above which the price might recover. The next major resistance is near the $0.335 zone. It is near the 50% Fib retracement level of the downward move from the $0.3795 swing high to $0.295 low.

A clear upside break above the $0.338 level might send the price towards the $0.350 resistance. Any more gains could start a steady increase towards the $0.380 level. On the downside, an immediate support is near the $0.300 level.

The next major support is near the $0.295 level, below which the price may perhaps decline towards the $0.265 support level. Any more losses might call for a test of the $0.252 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.32 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to surpass the $0.320 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.300 and $0.295.

Key Resistance Levels – $0.320 and $0.335.

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