{"id":23187,"date":"2023-05-03T10:54:26","date_gmt":"2023-05-03T14:54:26","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23187"},"modified":"2023-05-03T10:54:26","modified_gmt":"2023-05-03T14:54:26","slug":"ada-price-cardano-could-narrowly-avoid-a-major-drop-if-it-closes-above-0-4","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/03\/ada-price-cardano-could-narrowly-avoid-a-major-drop-if-it-closes-above-0-4\/","title":{"rendered":"ADA Price (Cardano) Could Narrowly Avoid a Major Drop If It Closes Above $0.4"},"content":{"rendered":"

Cardano\u2019s price started a fresh decline from the $0.415 resistance. ADA could decline further if there is a clear move below the $0.38 support.<\/em><\/p>\n

ADA price is struggling to gain pace above $0.40 and $0.415 against the US dollar.
\nThe price is trading below $0.400 and the 100 simple moving average (4 hours).
\nThere is a major bearish trend line forming with resistance near $0.398 on the 4-hour chart of the ADA\/USD pair (data source from Kraken).
\nThe pair could start a decent increase if it clears the $0.400 resistance zone.<\/p>\n

Cardano\u2019s ADA Price Faces Resistance<\/h2>\n

This past week, Cardano\u2019s price made a couple of attempts to clear the $0.415 resistance. However, the bulls struggled to gain strength for a sustained move above $0.415.<\/p>\n

As a result, there was a fresh decline toward the $0.38 support. A low is formed near $0.3800 and the price is showing a few bearish signs, similar to Bitcoin<\/a> and Ethereum<\/a>. It is now trading below $0.400 and the 100 simple moving average (4 hours).<\/p>\n

On the upside, immediate resistance is near the $0.398 zone. There is also a major bearish trend line forming with resistance near $0.398 on the 4-hour chart of the ADA\/USD pair.<\/p>\n

The trend line is close to the 50% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low. The next major resistance is forming near the $0.400 zone or the 100 simple moving average (4 hours).<\/p>\n

The 61.8% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low is also near $0.4015. If there is an upside break above the $0.402 and $0.405 resistance levels, the price could start a decent increase.<\/p>\n

<\/a><\/p>\n

Source: ADAUSD on TradingView.com<\/a><\/p>\n

In the stated case, the price could even surpass the $0.415 resistance zone. The next key resistance might be $0.432, above which it could test $0.45.<\/p>\n

More Losses?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.400 and $0.415 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.380 level.<\/p>\n

The next major support is near the $0.365 level. A downside break below the $0.365 level could open the doors for a fresh decline toward $0.350. The next major support is near the $0.325 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for ADA\/USD is gaining momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.380, $0.365, and $0.350.<\/p>\n

Major Resistance Levels \u2013 $0.400, $0.415, and $0.432.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Cardano\u2019s price started a fresh decline from the $0.415 resistance. ADA could decline further if there is a clear move below the $0.38 support.<\/em><\/p>\n

ADA price is struggling to gain pace above $0.40 and $0.415 against the US dollar.
\nThe price is trading below $0.400 and the 100 simple moving average (4 hours).
\nThere is a major bearish trend line forming with resistance near $0.398 on the 4-hour chart of the ADA\/USD pair (data source from Kraken).
\nThe pair could start a decent increase if it clears the $0.400 resistance zone.<\/p>\n

Cardano\u2019s ADA Price Faces Resistance<\/h2>\n

This past week, Cardano\u2019s price made a couple of attempts to clear the $0.415 resistance. However, the bulls struggled to gain strength for a sustained move above $0.415.<\/p>\n

As a result, there was a fresh decline toward the $0.38 support. A low is formed near $0.3800 and the price is showing a few bearish signs, similar to Bitcoin<\/a> and Ethereum<\/a>. It is now trading below $0.400 and the 100 simple moving average (4 hours).<\/p>\n

On the upside, immediate resistance is near the $0.398 zone. There is also a major bearish trend line forming with resistance near $0.398 on the 4-hour chart of the ADA\/USD pair.<\/p>\n

The trend line is close to the 50% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low. The next major resistance is forming near the $0.400 zone or the 100 simple moving average (4 hours).<\/p>\n

The 61.8% Fib retracement level of the recent drop from the $0.4149 swing high to the 0.3800 low is also near $0.4015. If there is an upside break above the $0.402 and $0.405 resistance levels, the price could start a decent increase.<\/p>\n

<\/a><\/p>\n

Source: ADAUSD on TradingView.com<\/a><\/p>\n

In the stated case, the price could even surpass the $0.415 resistance zone. The next key resistance might be $0.432, above which it could test $0.45.<\/p>\n

More Losses?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.400 and $0.415 resistance levels, it could continue to move down. Immediate support on the downside is near the $0.380 level.<\/p>\n

The next major support is near the $0.365 level. A downside break below the $0.365 level could open the doors for a fresh decline toward $0.350. The next major support is near the $0.325 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for ADA\/USD is gaining momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.380, $0.365, and $0.350.<\/p>\n

Major Resistance Levels \u2013 $0.400, $0.415, and $0.432.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23187","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=23187"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23187\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23187"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}