Cardano Price Struggles Below $0.40: Bears In Control

Alisha Deo

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• Cardano (ADA) price is bearish below $0.40 against the US Dollar.
• ADA is struggling to stay above the $0.380 and $0.375 support levels.
• The price could start a fresh increase if it clears the $0.375 and $0.38 resistance levels.

Cardano (ADA) Price Analysis

Cardano price is showing bearish signs below the $0.40 support zone against the US Dollar. The price is now trading below $0.40 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart (data feed via Coinbase).

Resistance Levels

On the upside, immediate resistance is near the $0.375 zone, the trend line, and the 50% Fib retracement level of the recent drop from the $0.3971 swing high to the $0.3539 low. The first major resistance is near the $0.380 level close to 61.8% Fib retracement level of recent drop from high of 03971 to low of 03539 . A clear upside break above this point may send price towards 40 dollar mark as next major target .

Support Levels

On downside , immediate support comes at 355$ zone , then 332$ being major one followed by 320$. Any more losses might call for test of 300$ mark as last resort .

Moving Average Convergence Divergence (MACD)

The Moving Average Convergence Divergence (MACD) for ADA/USD suggests that MACD gaining pace in bearish zone .

Relative Strength Index (RSI)

The Relative Strength Index for ADA/USD indicates that RSI has dropped below 50 indicating further bearish pressure in coming days .

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