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Home»Analysis»ADA price consolidates below $0.30
Analysis

ADA price consolidates below $0.30

2023-07-10No Comments3 Mins Read
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Cardano price is struggling below the $0.30 zone. ADA could start a sharp decline if it breaks the $0.2765 support zone in the near term.

  • The ADA price is falling below the $0.292 support against the US Dollar.
  • The price is trading below $0.290 and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could fall sharply if the bulls fail to protect the $0.2765 support zone.

Cardano’s ADA award faces a tough task

This past week, the price of Cardano attempted to climb above the $0.285 zone again. The price climbed above the $0.295 resistance zone, but the bears were active near the $0.30 zone.

A high was formed near $0.3015 before another drop. The price dropped below the $0.285 level and it tested the $0.2765 support. It is now consolidating losses below $0.292, similar to Bitcoin and Ethereum.

There was a small recovery wave above the 50% Fib retracement level from the downward move from the $0.3013 swing high to the $0.2754 low. However, the bears were active above the $0.290 level. ADA is now trading below $0.290 and the 100 simple moving average (4 hours).

A major bullish trendline is also forming with support near $0.2815 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.288 zone and the 100 simple moving average (4 hours).

Cardano's ADA Award

Source: ADAUSD at TradingView.com

The first major resistance forms near the $0.292 zone or the 61.8% Fib retracement level of the downward move from the $0.3013 swing high to the $0.2754 low. The next key resistance could be at $0.30. If there is a close above the $0.30 resistance, the price could start a decent rise. In the said case, the price might rise towards the $0.320 resistance zone.

See also  Analyst Predicts Parabolic Rally for One Memecoin, Says Altcoin in Top Position for 'Turbo Green' Week

Lose more in ADA?

If the price of Cardano fails to break above the $0.292 resistance level, it could drop further. Immediate support on the downside is near the $0.2815 level and trendline.

The next major support is near the $0.2765 level. A downside break below the $0.2765 level could open the door for a sharp fresh decline towards $0.255. The next major support is near the $0.232 level.

Technical indicators

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

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

Main Support Levels – $0.2815, $0.2765 and $0.255.

Key resistance levels – $0.288, $0.292 and $0.300.

Source link

ADA Consolidates Price
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