CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-06-27 05:08:27

Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend

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.

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta