– Cardano price is trading in a bearish zone below the $0.42 support zone against the US Dollar.
– There is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart (data feed via Coinbase).
– The price could continue to move down if it stays below the $0.40 resistance zone.
Cardano (ADA) Price Analysis
The Cardano price is currently trading in a bearish zone below the $0.42 support level against the US Dollar. A key bearish trend line is forming with resistance near $0.3850 on the 4-hour chart (data feed via Coinbase). If ADA/USD remains below the $0.40 resistance level, it could continue to move down further.
Resistance and Support Levels
On the upside, immediate resistance for ADA/USD is around the $0.385 and $0.400 levels or 23.6% Fib retracement level of its downward move from high of $0.4625 swing to low of $0.3763 low mark reached recently. If bulls gain control and clear these two levels, then Cardano price could start a fresh increase towards up to first major resistance at $ 0.415 mark, followed by 50% Fib retracement level at around 0$ 0420 mark which may result in more gains later on if buyers remain in control above those levels otherwise bears will remain in control if ADA/USD fails to settle above these levels soon enough as well as stay below 0$ 04000 level..
Bearish Trend Line Forming
Currently, there is a key bearish trend line forming with resistance near $0 .3850 on the 4-hour chart (data feed via Coinbase). On downside, immediate support for ADA/USD lies around 0$ 037500level which may act as an important buying area whereas next major support lies at around 0$ 0360 level where buyers can take back control again after that further more losses can be seen towards primary buying area at 0$ 0320 mark if bears remain successful even after testing these supports soon enough and remain strong enough above those areas too..
Technical Indicators
The MACD for ADA/USD pair has started gaining pace in bearish zone while RSI has gone below 50 marks indicating increased selling pressure currently prevailing over this pair making it difficult for buyers to take back control any time soon unless some fundamental good news appear anytime soon resulting in increased buying pressure again..
Conclusion
Overall, Cardano price could continue moving down if it stays below the critical support at 0$ 04000 which would result in decreased buying pressure leading further losses towards primary buying area at around 0320 mark so traders should keep an eye on that critical support going forward before entering into any positions making sure they are taking all necessary precautions while doing so too..