• Cardano (ADA) price is showing bearish signs below the $0.40 support zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart (data feed via Coinbase).
• The price could continue to move down if it stays below the $0.38 resistance zone, however, there is potential for a fresh increase if it clears the $0.375 and $0.38 resistance levels.
Cardano (ADA) Price Analysis
Cardano price is currently struggling below the $0.40 mark against the US Dollar, indicating bearishness in the market. A key bearish trend line is forming with resistance near $0.375 on the 4-hour chart (data feed via Coinbase). If ADA stays below this level, further downside movement could be seen in its price; however, there’s potential for a fresh increase if it manages to clear this barrier as well as other resistances at $0.375 and 0.38 respectively.
Bearish Signs Below Support Zone
In recent days, Cardano has been trading in decline against USD from its peak of around $0.400 zone downwards to around $0.380 and even lower than that at times to hit a low at around 0$3539 recently.
Resistance Levels To Watch Out For
On the upside, immediate resistance is observed near the area of 0$375 which also coincides with a key bearish trend line on 4 hour charts as well as 50% Fibonacci retracement of recent drop from 0$3971 swing high to 0$3539 low.
The first major hurdle can be found at around 0$380 which happens to be close to 61.8% Fibonacci retracement level of same aforementioned drop.
Downside Potential
On downside side ,immediate support can be seen at 0$355 while next major support lies around 0$332 which might lead ADA towards testing its next strong support level of 0$300.