As a seasoned crypto investor with several years of experience under my belt, I have witnessed the volatile nature of the market firsthand. The recent decline in Cardano (ADA) price is a reminder of this reality. After a promising uptrend, ADA faced sellers at the $0.450 resistance zone and started to slide. The downward momentum was amplified by Ethereum’s decline, which dragged ADA further below the crucial $0.400 support level.
The price of Cardano has recently begun to drop, breaking below the support at $0.4120. It appears that the downward trend of Ethereum is causing ADA to follow suit, potentially pushing it towards the support level at $0.380.
- ADA price started a fresh decline from the $0.450 resistance zone.
The price is trading below $0.4120 and the 100-hourly simple moving average.
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).
The pair could continue to move down and test the $0.380 support zone.
Cardano Price Shows Signs of More Downsides
Cardano experienced a consistent rise, but met strong selling pressure around the $0.450 mark. A temporary peak formed for ADA, leading to a downward correction beneath the $0.4250 threshold. More recently, Ethereum’s downturn exacerbated this trend, causing Cardano to dip even further below the $0.400 support level.
Near $0.3919, a low point has been reached and the price is currently retracing losses in a downward trend. A significant trendline is emerging on the hourly chart for the ADA/USD pair, acting as resistance at around $0.4060.
The current price of Cardano is sitting below the $0.41 mark and the 100-hour moving average. Should a rebound occur, the price could encounter resistance at approximately $0.4050 and the 50% Fibonacci retracement level, which lies around $0.3970 after the decline from the $0.4211 peak to the $0.3919 trough.
In simpler terms, the initial hurdle for the price is around $0.4150 or the 76.4% mark of the pullback from the peak of $0.4211 to the trough of $0.3919. Further up, at $0.4220 lies a significant resistance level. If this level is breached, the price could surge, potentially reaching the $0.4450 zone for further growth and eventually aiming for $0.4500.
More Downsides in ADA?
Should the price of Cardano remain below the $0.4050 mark, there’s a possibility it may trend downward further. A noteworthy support lies around the $0.3920 region.
The price may find its next significant resistance around $0.3800. A drop beneath this level could lead to a challenge at $0.3650. Alternatively, investors may step in to buy around $0.3500, acting as the next notable support for the market.
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.
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2024-07-25 08:10