• Cardano (ADA) price is gaining bearish momentum below the $0.388 support zone against the US Dollar.
• ADA price could start a fresh increase if it clears the $0.380 and $0.388 resistance levels.
• Immediate support is near the $0.360 level while key resistance is at the $0.380 zone.
Cardano Price Analysis
Cardano (ADA) price is facing a lot of bearish pressure below the $0.388 support zone against the US Dollar. The price has declined below the $0.355 support and 55 simple moving average (4 hours). There is a short-term rising channel forming with resistance near $0.376 on the 4-hour chart (data feed via Coinbase). If ADA remains below this level, it could continue to move down further in coming days.
Key Support & Resistance Levels
Immediate support for Cardano price lies near the $0.360 level; however, if this fails, then next major support awaits at around the $0.350 mark or lower at around$ 0332 level respectively for further declines in long term basis.. On upside, key resistance levels are located near the 50% Fib retracement level of its downward move from swing high ($ 0396) to low ($ 0350). Additionally, clear break above this will send it towards its next major hurdle at 61 % Fib retracement level of same mentioned swing high – low which stands around 03800 USDT mark in upcoming days..
Possible Upside Move
In case ADA breaks above this hurdle, there are chances that it might gain bullish traction and climb higher towards its previous swing highs of 0396 USDT and even beyond that towards 0425 USDT mark as well.. However, only a clear break above 0379 USDT will confirm further upside move and drive prices higher in coming days until then bears have upper hand over bulls..
Possible Downside Move
If buyers fail to hold gains above 0379 USDT then bears will take control again and push prices lower towards 0350 USDT or even 0320 USDT mark in upcoming days which may act as strong barrier for further downside move.. Thus if both supports fail to sustain current losses then we may see new yearly lows as well..
Conclusion
Overall Cardano’s current trend looks bearish until it holds gains above 0379 USDT thus one should watch out for any potential signs of reversal before entering into any trades.. Also using strict stop losses is recommended when trading cryptocurrencies to minimize any potential losses during volatile market conditions like these…