- Cardano ADA Price Continues to Decline Further With no Bottom in Sight
The last 24 hours saw the price of ADA fail to break past the $0.0460 resistance position. This caused the coin’s price to decline against the USD. The price of Cardano is now trading under the $0.0425 support area, and currently in a bearish angle. There was also a break in the price action under a key bullish support at $0.0424 via the 4-hour chart of the ADA/USD pair. The price of ADA remains at risk of posting more downside action under the $0.0410 and $0.0400 areas in the near term. The price of the digital asset is facing a fresh selling round against the USD and BTC. ADA price is likely to face a lot of hurdles if it corrects higher towards $0.0440.
ADA Price Correcting Near $0.0425
Cardano recently made a fresh attempt to climb over $0.0460 and $0.0465 both resistances. However, the ADA/USD pair wasn’t successful in its attempts to gain strength above the resistance points at $0.0460 and formed a high at $0.0461. There was a fresh decline under $0.0450 and $0.0440. There was also a break below $0.0425 and the 55 day SMA via the 4-hour chart.
There was also a break under $0.0424 via the 4-hour chart as well. The price of Cardano tested the $0.0410 support. Then a low was formed at $0.04108. Currently, Cardano’s price is correcting upwards at the $0.0425 resistance. It will face resistance at the 23.6% Fibonacci retracement point via the last decline from $0.0461 to $0.0410. $0.0435 is the new resistance area along with 55 day SMA.
Cardano (ADA) Price Today – ADA / USD
Name Price $1.58
The 50% Fibonacci retracement point via the last decline from $0.0461 high to $0.0410 will likely act as a resistance at $0.0435. The main resistances via the upside are at $0.0445 and $0.0460, above which the bulls will likely retake control. Conversely, the price of ADA might struggle to find a correction above $0.0425 and $0.0435. Experts agree that the price of Cardano is likely to decline under the $0.0410 support area.
The next support will be $0.0400, below which the ADA price could heavily decline towards $0.0380. The chart shows that the price of ADA is struggling to stay over $0.0410 which is acting as support. There is a strong chance that ADA will endure a downside extension below $0.0410 and $0.0400. Looking at the flip side, the Cardano price must breach the $0.0425 and $0.0435 positions which are both resistances to stay clear of breakdown under the $0.0400 point.