Cardano's price has recently initiated a downward trend after facing resistance around the $0.40 level. If the price breaks below the crucial support level of $0.35, there is a possibility of further decline.
Over the past week, Cardano's price made multiple unsuccessful attempts to surpass the resistance at $0.400. As a result, the bears took control, causing the price to retreat below the support level at $0.388.
After failing to maintain support at $0.380 and $0.365, Cardano's price experienced a decline. It eventually reached a testing point at the $0.355 support level, establishing a low near $0.3531. Presently, the price is making an effort towards a minor upward correction, following a similar pattern to Bitcoin and Ethereum.
As of now, #ADA continues to be traded below both the $0.365 level and the 50-hour simple moving average. Additionally, on the 4-hour chart of the ADA/USD pair, there is a prominent bearish trend line taking shape, which presents resistance around $0.380.
On the upside, immediate resistance is observed around the $0.375 level, which aligns with the 50% Fibonacci retracement level of the recent downward move from the $0.3970 swing high to the $0.3531 low. Further up, a significant resistance area is taking shape near $0.380, represented by a trend line. A successful breakout above the resistance levels at $0.375 and $0.380 could potentially trigger a substantial bullish rally. In such a scenario, the price might even surpass the critical resistance zone at $0.4000, opening doors for a potential test of $0.4200.
In the event that #Cardano price is unable to surmount the resistance levels at $0.375 and $0.380, there is a possibility of further downward movement. Immediate support is anticipated around the $0.353 level. Subsequently, the next significant support is expected near the $0.340 level. A breach below this level could trigger a renewed decline, potentially leading to a downward trajectory towards the $0.320 mark. The subsequent major support is projected to be located around the $0.300 level.
#Priceanalysis predicts that the market capitalization of this ADA will be $12,617,608,975. The 24-hour trading volume of the coin is around $340,429,615.
KEY LEVELS :
RESISTANCE LEVEL : $0.3750-$0.3900
SUPPORT LEVEL : $0.3530-$0.3400
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
