Cardano's price is now trading below $0.50 per US dollar, similar to bitcoin. If the ADA price breaks through the $0.425 support, it may gather negative momentum.
According to price analysis, This week, the price of cardano fell sharply against the US dollar reaching $0.500. The ADA/USD pair reached a high at $0.485 before starting a fresh fall.
The Cardano price fell sharply below the $0.475 and $0.450 support levels. Furthermore, on the 4-hours chart, there was a break below a significant bullish trend line with support at $0.460. The price fell below the $0.440 support level as well as the 55 simple moving average.
The price has hit a bottom at $0.425 and is presently consolidating losses. It recovered a few points above the $0.440 mark. On the upside, the $0.455 zone and the 55 simple moving average provide immediate resistance.
The next significant resistance is located at the $0.465 level. It is close to the 23.6% Fib retracement level of the decline from the $0.594 swing high to the $0.425 low.
The major hurdle is around $0.500. A clear break over $0.500 might push the price towards the $0.515 resistance. It is close to the 50% Fib retracement level of the decline from the $0.594 swing high to the $0.425 low.
Further any increases might trigger a steady rise towards the $0.55 level in the near future. On the downside, the $0.432 level provides immediate support. The next key support is around the $0.425 level, below which the price may fall to the $0.40 level. Any more losses may require a test of the $0.365 level.
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KEY LEVELS :
RESISTANCE LEVEL : $0.4600-$0.4750
SUPPORT LEVEL : $0.4400-$0.4200
Topic: CARDANO PRICE ANALYSIS : Bulls are aggressive to take ADA at $0.4800 (Read 62 times)