Prediction for Cardano (ADA) Price: More suffering is to come.

• After Cardano’s price breached the crucial $0.4200 support, a significant decline began.Unless it settles above the $0.50 pivot level, ADA may continue to fall.
• Below the $0.420 support against the US dollar, the ADA price is exhibiting numerous bearish signs.
• The 100-day simple moving average and the price are both well below $0.400.
• On the 4-hour chart of the ADA/USD pair, there are two bearish trend lines with support at $0.3700 and $0.3880 (data source: Kraken).
• Below the $0.3500 support area, the pair may continue to decline.

Price of Cardano (ADA) indicates a bearish wave

From well above the $0.5000 level, the price of cardano has been steadily falling over the past few days. The price was able to fall below the crucial support levels of $0.450 and $0.420 by the bears.

Below the $0.400 level and the 100 simple moving average (4-hours), the decline picked up. Similar to bitcoin and ethereum, a low was established near the $0.3500 level, and the price began a slight upward trend. The price of ADA increased above $0.3620 and $0.3700.

From the $0.4265 swing high to the $0.3500 low, there was a move above the 23.6% Fib retracement level. However, the price fell below $0.3800 and did not rise further.

On the upside, the $0.3700 region serves as immediate resistance. On the 4-hour chart of the ADA/USD pair, there are also two bearish trend lines that are forming with resistance at $0.3700 and $0.3880. Near the $0.3880 region, the first major resistance is forming.

The 50% Fib retracement level of the decline from the swing high of $0.4265 to the low of $0.3500 is also close to $0.3880. The 100 simple moving average and the $0.4080 level are currently serving as the primary forms of resistance. The price could begin a significant rise if it breaks above the $0.408 and $0.420 resistance levels on the upside. The price could steadily rise toward $0.50 in the above scenario.

More Anxiety?

Cardano’s price could continue to fall if it does not rise above the $0.3880 and $0.400 resistance levels. On the downside, close to the $0.360 level is an immediate support.

The primary support is close to $0.350. A new decline toward $0.320 could result from a downside break below the $0.350 level. The $0.300 level is near the next major support.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.360, $0.350 and $0.300.

Major Resistance Levels – $0.3700, $0.388 and $0.408.