ADA price indicators signal potential for more declines.

Cardano’s price is currently decreasing from the $0.30 range. If ADA breaks the $0.280 support zone in the near future, it could continue to decline.

  • The price of ADA is decreasing from the $0.302 range against the US dollar.
  • The price is trading below $0.290 and the 100 simple moving average (4 hours).
  • A key bullish trend line with support near $0.2960 on the 4-hour chart of the ADA/USD pair has been broken.
  • The pair could further decline towards the $0.264 support zone.

Cardano’s ADA Price Corrects Gains

Last week, Cardano’s price initiated a decent recovery from the $0.264 support zone. The bulls successfully pushed the price above the $0.280 and $0.295 resistance levels.

It even surpassed the $0.300 resistance and reached a high near $0.3013. The price is currently correcting gains, similar to Bitcoin and Ethereum. The price has dropped below the 50% Fibonacci retracement level of the upward movement from the $0.2675 swing low to the $0.3013 high.

In addition, a key bullish trend line with support near $0.2960 on the 4-hour chart of the ADA/USD pair has been broken. The price is now trading below $0.290 and the 100 simple moving average (4 hours).

The price is currently holding the $0.280 support. It is close to the 61.8% Fibonacci retracement level of the upward movement from the $0.2675 swing low to the $0.3013 high. On the upside, immediate resistance is near the $0.285 zone and the 100 simple moving average (4 hours).

Source: ADAUSD on TradingView.com

The first major resistance is forming near the $0.292 zone. The next key resistance might be $0.30. If there is an upside break above the $0.300 and $0.305 resistance levels, the price could start a decent increase. In that case, the price could even surpass the $0.320 resistance zone.

More Losses in ADA?

If Cardano’s price fails to rise above the $0.285 resistance level, it could continue to decline. Immediate support on the downside is near the $0.280 level.

The next major support is near the $0.275 level. A drop below the $0.275 level could lead to a fresh decline towards $0.262. The next major support is near the $0.250 level.

Technical Indicators

4-hour MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.280, $0.275, and $0.262.

Major Resistance Levels – $0.285, $0.295, and $0.305.

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