Cardano is moving down below the resistance zone of $0.620. Cardano (ADA) could lose momentum in the bearish direction and fall towards $0.50.
- The ADA is gradually moving down from $0.670.
- The 100 Simple Moving Average (4 Hours) and the price are trading at or below $0.620.
- The 4-hour chart shows a bearish key trend line with resistance $0.6008 in the ADA/USD currency pair. source Kraken is a good example.
- If the bulls continue to be active, they could try a new increase above $0.560.
Cardano Price Reaches Key Support
Cardano has seen a gradual decline in the last few days from its $0.670 zone of resistance. Bitcoin You can also find out more about the following: Ethereum. ADA prices fell below levels of $0.650, $0.620 and entered a downward trend.
Even below $0.580, it tested the $0.560 mark. At $0.5592, a new low was formed and now the price consolidates losses. The price tested the Fib 23.6% retracement of the decline from the swing high at $0.6701 to the low at $0.5592.
Price of ADA now trades below $0.620 as well as the 100 Simple Moving Average (4 Hours). To the upside, the immediate resistance zone is around $0.6010. On the 4-hour chart for the ADA/USD, there is also a major bearish trendline forming at resistance of $0.6008
First, the resistance level is around $0.6150. This is the 50 percent Fib retracement point of the move down from $0.6701 swing low to $0.5592. The next Key resistance could be $0.6280. A close above resistance $0.6280 could trigger a rally.
Source: ADAUSD on TradingView.com
The price may rise to the region of $0.6550 in the case stated. If there are any more gains, the price could move towards $0.670.
Are there more losses in ADA?
Cardano may continue its downward trend if the price does not rise above $0.6150. Support on the downside near $0.560 is immediate.
It is important to note that the word “you” means “you”. next Major support lies near $0.520. If the price breaks below $0.520, it could lead to a move towards $0.50. The next The level of support near $0.4880 is the most important.
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.
Disclaimer article It is intended solely for educational use. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. It is recommended that you conduct your own research. own Research before investing. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com