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Cryptocurrency News Articles
Cardano (ADA) Price Dips Again After Testing $0.4150 Resistance
Oct 03, 2024 at 01:08 pm
After testing the $0.4150 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum.
Cardano’s price began a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave.
After testing the $0.4150 resistance, Cardano encountered difficulties in continuing its upward trend. Consequently, ADA formed a short-term top and initiated a fresh decline, mirroring the recent price movements of Bitcoin and Ethereum.
The cryptocurrency experienced a drop below the $0.3850 and $0.3650 support levels. Notably, the price even declined below $0.350 before encountering support from the bulls. A low was formed at $0.3360, and the price is now consolidating its losses.
Chart from Tradingview
Cardano’s price attempted a minor recovery from the recent lows and encountered resistance at $0.340. However, the price managed to continue its upward trend and breached the resistance. ADA price进行了小幅上扬趋势,并从近期低点开始上涨,价格上涨后遇到了 0.340 美元阻力,但价格上涨趋势未停止,突破了该阻力。
Cardano’s price encountered resistance at $0.3480 and began to decline once again. There was a minor move above the $0.3420 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low.
Cardano price is now trading below $0.360 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.360 or the 50% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low. The next key resistance might be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.400 region. Any further gains may be met with resistance at $0.4150.
More Downsides in ADA?
If Cardano’s price fails to climb above the $0.3500 resistance level, it could begin another decline. Immediate support on the downside is present near the $0.340 level.
The next major support is located around the $0.3350 level. A downside break below the $0.3350 support could pave the way for a test of the $0.3220 support. The next major support is found near the $0.300 level, where the bulls may attempt to halt the decline.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3350.
Major Resistance Levels – $0.3500 and $0.3600.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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