Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend
27 Junio 2024 - 12:08AM
NEWSBTC
Cardano price failed to surpass $0.40 and started another decline.
ADA is now trading below $0.3850 and might extend losses in the
near term. ADA price started a fresh decline and traded below
$0.3880. The price is trading below $0.3850 and the 100-hourly
simple moving average. There was a break below a key bullish trend
line with support at $0.3845 on the hourly chart of the ADA/USD
pair (data source from Kraken). The pair could extend losses and
test the $0.370 support zone. Cardano Price Dips Again In the past
few days, Cardano attempted a recovery wave above the $0.3650 zone
like Bitcoin and Ethereum. However, ADA failed to clear the $0.40
resistance zone. A high was formed at $0.3967 and the price started
a fresh decline. There was a move below the $0.3880 and $0.3865
support levels. The price declined below the 23.6% Fib retracement
level of the upward move from the $0.3620 swing low to the $0.3967
high. Besides, there was a break below a key bullish trend line
with support at $0.3845 on the hourly chart of the ADA/USD pair.
ADA price is now trading below $0.3850 and the 100-hourly simple
moving average. If there is another upward move, the price might
face resistance near the $0.3850 zone. The first resistance is near
$0.3880. The next key resistance might be $0.40. If there is a
close above the $0.40 resistance, the price could start a strong
rally. In the stated case, the price could rise toward the $0.4150
region. Any more gains might call for a move toward $0.4250. More
Downsides in ADA? If Cardano’s price fails to climb above the
$0.3850 resistance level, it could continue to move down. Immediate
support on the downside is near the $0.3795 level or the 50% Fib
retracement level of the upward move from the $0.3620 swing low to
the $0.3967 high. The next major support is near the $0.370 level.
A downside break below the $0.370 level could open the doors for a
test of $0.350. The next major support is near the $0.3350 level.
Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining
momentum in the bearish zone. Hourly RSI (Relative Strength Index)
– The RSI for ADA/USD is now below the 50 level. Major Support
Levels – $0.3790, $0.370, and $0.350. Major Resistance Levels –
$0.3880 and $0.400.
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