Cardano Price Prediction

Cardano Price Prediction: Downtrend Far From Over, $0.22 Still In Play

Cardano price started a fresh decline after it failed to surpass $0.32. ADA remains at risk of more losses below $0.25 and $0.245 in the near term.

ADA price is gaining bearish momentum below the $0.280 support against the US dollar.
The price is trading below $0.280 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.2560 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move down below the $0.245 support zone.

Cardano Price Could Dive Further

In the past few days, cardano price saw a steady decline from the $0.320 resistance zone. The bears were able to push the price below the $0.30 and $0.280 support levels.

The decline gained pace below the $0.265 level and the 100 simple moving average (4 hours). Cardano price even spiked below the $0.250 support zone and traded as low as $0.2481. It is now showing a lot of bearish signs near the $0.250 zone, unlike bitcoin and ethereum.

It is trading well below $0.280 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.255 zone. There is also a key bearish trend line forming with resistance near $0.2560 on the 4-hours chart of the ADA/USD pair.

The first major resistance is forming near the $0.264 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.3188 swing high to the $0.2481 low.

Source: ADAUSD on TradingView.com

The main resistance is now forming near the $0.2840 level. It coincides with the 50% Fib retracement level of the downward move from the $0.3188 swing high to the $0.2481 low. If there is an upside break above the $0.280 and $0.284 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily toward the $0.32 level.

More Losses?

If cardano price fails to recover above the $0.255 and $0.264 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.248 level.

The next major support is near the $0.245 level. A downside break below the $0.245 level could open the doors for a fresh decline toward $0.220 in the coming days. The next major support is near the $0.200 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 levels.

Major Support Levels – $0.245, $0.220, and $0.200.

Major Resistance Levels – $0.255, $0.264, and $0.284.

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