ADA price is showing bearish signs below the $0.412 support zone against the US Dollar. The downward trend in the Cardano price has not changed significantly, as the price continues to struggle below the $0.412 resistance zone. If the price remains below this critical level, it could continue to move downwards.
In the past few days, Cardano price saw a fresh decline from the $0.415 zone against the US Dollar. The ADA/USD pair declined below the $0.405 and $0.400 support levels. The price even dropped below the $0.385 support and the 55 simple moving average (4 hours). It revisited the $0.3800 support zone. A low is formed near $0.3803, and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).
Furthermore, there is a major bearish trend line forming with resistance near $0.3980 on the 4-hour chart (data feed via Coinbase). On the upside, immediate resistance is near the $0.3880 zone or the 23.6% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low.
The first major resistance is near the $0.400 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $0.4152 swing high to the $0.3803 low. A clear upside break above the $0.400 level might send the price toward the $0.412 resistance. Any more gains could start a steady increase toward the $0.425 level.
On the downside, immediate support is near the $0.380 level. The next major support is near the $0.376 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.
The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.412 resistance zone.
Looking at technical indicators, the 4 hours MACD for ADA/USD is now gaining pace in the bearish zone. Meanwhile, the 4 hours RSI for ADA/USD is now below the 50 level. This suggests that the bears are in control, and the downtrend may continue.
Key support levels to watch are $0.380 and $0.350, while key resistance levels are $0.398 and $0.412.
In summary, the Cardano price is currently showing bearish signs below the $0.412 support zone, and it remains to be seen whether the price can break through this resistance. Technical indicators suggest that the bears are in control, which could mean that the price may continue to move downwards if it stays below the $0.412 resistance zone. Investors should keep an eye on key support and resistance levels to gauge the future price movement of ADA.
