• Cardano price is recovering higher above $0.25 against the US Dollar, similar to Bitcoin.
• There is a key bearish trend line forming with resistance near $0.278 on the 4-hour chart.
• ADA price could gain bullish momentum if it clears the $0.278 and $0.300 levels.
Cardano Price Analysis
Cardano (ADA) price saw a major decline from well above $0.350 against the US Dollar this past week, trading below the $0.32 and 0$.30 support levels to move into a bearish zone and even pushing the price below $0.25. A low was formed near $0.230 and now it’s currently correcting losses, climbing above the 23..6% Fib retracement level of the downward move from the $03..820 swing high to the 0$2300 low, while trading below $030 and 55 simple moving average (4 hours).
Immediate resistance is near at around$ 0278 zone with there being a key bearish trend line forming with resistance near 0278 on 4-hour chart, while next major resistance is seen at around 50% Fib retracement level of downward move from 03..820 swing high to 02300 low which is at around 03000 level . If Cardano can manage to clear this current hurdle then it might start strong increase up towards 3500 resistance level .
Immediate support for ADA/USD pair lies around 26000 level with next major support seen at 250000 level . If bears are stronger than bulls then it may send prices further down towards 2200 support , below that there might be test for 2000 mark .
MACD & RSI
The MACD for ADA/USD pair is gaining pace in bullish zone whereas RSI for same pair is now below 50 level .
Cardano (ADA)price could gain bullish momentum if it clears current hurdles of 2780 and 3000 , if not then bears may get stronger sending prices further down towards 2000 marks .