21. febrero 2024

Cardano Price Struggles as Bears Take Control Below $0.40

• Cardano (ADA) price is trading in a bearish zone below the $0.42 support level against the US Dollar.
• There is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart.
• The price could continue to move down if it stays below the $0.40 resistance zone.

Cardano (ADA) Price Analysis

Cardano price is struggling below $0.40 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.

Bearish Trend Line

In the past few days, Cardano price saw a fresh decline from the $0.465 zone against the US Dollar. The ADA/USD pair declined below the $0.425 and $0.420 support levels and even dropped below the $0.400 support and 55 simple moving average (4 hours). There is now a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart (data feed via Coinbase).

Resistance Level

On the upside, immediate resistance is near at around of$ 0 .385 0zone .The first major resistance is near the$ 0 .400 level or 23 .6% Fib retracement level of downward move from swing high of$ 0 .4625 to low of$ 0 .3763 .A clear upside break above this level might send prices towards$ 0 .415 resistance level .Any more gains could start steady increase towards$ 0 .420 level or 50 %Fib retracement level of downward move from swing high of$ 0 4625to low of$ 0 3763 ..

Support Levels

On downside ,immediate supports arenear at around of$ 0 375level while next major support lies near at around of$ 03 65level ,below which prices may perhaps decline towards$ 03 50supportlevels.. Any more losses might call for testof 03 20level..

ConclusionOverall ,price couldcontinue to moverdown if it staysbelow 04 00resistance zone