Cardano (ADA) is struggling to move higher versus the US Dollar. The price action of ADA/USD has been mostly bearish since it faced a strong resistance near the $0.412 level. The price even dived beneath the $0.385 support level and the 55 simple moving average (4 hours). A low is formed around the $0.3803 level and the pair is currently consolidating losses.
The immediate resistance is near the $0.3880 level or 23.6% Fib retracement zone of the recent decline from the $0.4152 swing high to the $0.3803 low. Additionally, there is a major bearish trend line present with resistance near the $0.3980 on the 4-hour chart. To start a fresh increase, the price must surpass both the trend line barrier as well as the $0.400 level. A clear break above the $0.400 resistance might open the doors for a steady increase towards the $0.412 resistance level.
On the downside, the $0.380 support is likely to act as a strong buy zone. In the event the price breaks below the $0.380 support, it could further decline towards the $0.376 level. A clear break below the 0.376 level may perhaps cause a prolonged downside move towards the $0.350 support zone in the near term.
The technical indicators are currently suggesting bearish strength in the ADA/USD. 4-hour MACD for Cardano is slowly gaining momentum in the bearish zone. Whereas, the 4-hours RSI for ADA/USD is below the 50 level.
Daniel Jones
- 2023-05-02
Cardano's Price Action Struggles to Move Higher
Cardano (ADA)'s price action has been bearish from the $0.412 resistance level. The immediate resistance is near $0.3880, with the bearish trend line near the $0.3980 level. The pair may start a fresh increase if it surpasses $0.400.
![CandleFocus Cardano-ADA-USD-Cryptocurrency](https://images.candlefocus.com/Cardanos-Price-Action-Struggles-to-Move-Higher.jpg)