Cardano’s price is struggling below the $0.30 zone. ADA could start a sharp decline if it breaks the $0.2765 support zone in the near term.

ADA price is moving lower below the $0.292 support against the US dollar.

The price is trading below $0.290 and the 100 simple moving average (4 hours).

There is a major bullish trend line forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair (data source from Kraken).

The pair could decline heavily if the bulls fail to protect the $0.2765 support zone.

Cardano’s ADA Price Faces Uphill Task

This past week, Cardano’s price attempted a fresh increase above the $0.285 zone. The price climbed above the $0.295 resistance zone but the bears were active near the $0.30 zone.

A high was formed near $0.3015 before there was a fresh decline. The price declined below the $0.285 level and tested the $0.2765 support. It is now consolidating losses below $0.292, similar to Bitcoin and Ethereum.

There was a minor recovery wave above the 50% Fib retracement level of the downward move from the $0.3013 swing high to the $0.2754 low. However, the bears were active above the $0.290 level. ADA is now trading below $0.290 and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.288 zone and the 100 simple moving average (4 hours).

The first major resistance is forming near the $0.292 zone or the 61.8% Fib retracement level of the downward move from the $0.3013 swing high to the $0.2754 low. The next key resistance might be $0.30. If there is a close above the $0.30 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.320 resistance zone.

More Losses in ADA?

If Cardano’s price fails to climb above the $0.292 resistance level, it could continue to move down. Immediate support on the downside is near the $0.2815 level and the trend line.

The next major support is near the $0.2765 level. A downside break below the $0.2765 level could open the doors for a sharp fresh decline toward $0.255. The next major support is near the $0.232 level.

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 – $0.2815, $0.2765, and $0.255.

Major Resistance Levels – $0.288, $0.292, and $0.300.

#Ada #adausdt

#etf Cardano (#Ada ) has managed to shine brightly amid a market rife with competition. A close examination of its recent chart dynamics provides investors with a comprehensive view of its ongoing ascendancy, marked by a series of positive indicators.Starting off with #cardano 's ascending performance, a striking upward trajectory is evident. The coin has been on a steady climb, moving progressively higher with each successive candlestick. Such consistent bullish behavior often points toward strong investor confidence, and with $ADA , this sentiment appears to be robustly backed.Source; tradingviewCoupled with its rising price, Cardano's trading volume too showcases an escalating pattern. Growing trading volumes, in tandem with bullish price movement, typically indicate that the rally is not just a mere blip but has solid ground beneath it. An increase in volume suggests that a larger number of traders are involved in the action, bringing more liquidity and, potentially, stability to the asset.The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, remains stable for Cardano. A stable RSI in the context of an uptrend signals that the asset is neither overbought nor oversold, hinting at the sustainability of its current performance.A critical point to note in Cardano's journey is its breakthrough of the 200-day Exponential Moving Average (EMA). Crossing this significant indicator often serves as a bullish sign, attracting a slew of new investors keen on riding the trend.However, every rally must have its cooling period. While Cardano's performance is commendable, the surge will most likely witness a halt around its current price level. Such stabilization is essential to prevent the asset from entering overbought territory, ensuring the longevity of its bullish phase.XRP's short-lived rally$XRP  has recently experienced a bullish rally. However, upon closer examination of its price chart, several indicators suggest that this positive momentum might be ephemeral.The most prominent signal is the descending trading volume. Trading volume is an essential metric as it provides insights into the strength and sustainability of a particular price movement. A rising price, accompanied by increasing trading volume, generally suggests strong bullish sentiment. Conversely, a price surge with declining trading volume might hint at a potential reversal, or at the very least, a consolidation phase.In #xrp 's case, despite its upward trajectory in price, the trading volume has been on a consistent downtrend. This divergence between price and volume raises eyebrows. It indicates that fewer traders are backing this bullish rally, which could mean that the rally lacks the necessary momentum to push forward. Once the current buyers exhaust their purchasing power, the absence of new traders to support the uptrend might lead to a pullback.Ethereum fails to break throughEthereum ($ETH ) recently experienced a setback as it attempted to break past a crucial resistance level depicted on its chart. This anticipated upward surge met with disappointment, as the cryptocurrency fell back shortly after reaching this point. However, for seasoned crypto analysts and investors, this is not necessarily a sign of bleak times ahead.Upon closer examination, what we are witnessing with Ethereum might just be a continuation of the "cup and handle" chart pattern. This classic pattern, familiar to many in the trading world, often indicates a bullish trend following the completion of the pattern. The "cup" represents a round bottom, showcasing a consolidation phase, while the "handle" signals a slight downward trend before a potential breakout. In Ethereum's case, the recent dip could be forming the handle of this pattern, hinting at an impending upward move.#PYUSD