- ADA price is trading in a bearish zone below the $0.255 support zone against the US Dollar.
- The price is now trading below $0.250 and the 55 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $0.2490 on the 4-hour chart (data feed via Coinbase).
- The price could continue to move down if it stays below the $0.250 resistance zone.
Cardano price is struggling below $0.250 against the US Dollar, like Bitcoin. ADA price could start a fresh increase if it clears the $0.250 and $0.255 resistance levels.
Cardano Price Analysis
In the past few days, Cardano price extended its decline below the $0.255 support against the US Dollar. The ADA/USD pair declined below the $0.250 and $0.248 support levels.
The price even declined below the $0.242 support and the 55 simple moving average (4 hours). It revisited the $0.240 support zone. A low has formed near $0.2405 and the price is now correcting losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.2579 swing high to the $0.2405 low.
On the upside, immediate resistance is near the $0.2485 zone or the 55 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $0.2490 on the 4-hour chart.
The trend line is near the 50% Fib retracement level of the downward move from the $0.2579 swing high to the $0.2405 low. The first major resistance is near the $0.255 level. The next key resistance could be $0.265. A clear upside break above the $0.265 level might send the price toward the $0.280 resistance. Any more gains could start a steady increase toward the $0.292 level or even $0.300.
On the downside, immediate support is near the $0.240 level. The next major support is near the $0.235 level, below which the price may perhaps decline toward the $0.220 support level. Any more losses might call for a test of the $0.20 level.
The chart indicates that ADA price is now trading below $0.250 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.255 resistance zone.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.2400 and $0.2350.
Key Resistance Levels – $0.2500 and $0.2550.
The post Cardano (ADA) Price Analysis: Topside Bias Vulnerable Below $0.265 appeared first on Live Bitcoin News.