Cardano Price Prediction: Is ADA Continue to Slide?

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Cardano’s value has recently experienced a significant drop from a level well above $0.30. Presently, ADA is undergoing a testing phase at the $0.275 mark, and there’s a looming concern regarding the possibility of further decreases in the near future.

The ADA value currently exhibits a bearish trend, remaining below the $0.30 threshold compared to the US dollar. Currently, it’s trading at a value higher than $0.288, surpassing the average value calculated over the past 100 hours. Analyzing the 4-hour chart depicting ADA’s performance against the US dollar, it’s evident that a prominent bearish trend line is taking shape, indicating resistance around the $0.288 mark. This data is sourced from Kraken.

There is a potential scenario wherein the ADA pair might initiate a recuperative movement if it manages to breach the resistance level at $0.30 and sustain that position.

ADA Price Continues to Decline

In the last few days, the value of Cardano’s money went down from a level much higher than $0.308. The value dropped below two crucial support levels at $0.300 and $0.288, making it move in a way that suggests it might continue going down, similar to what happened with Bitcoin and Ethereum.

The value fell below $0.280 and tested a support level of $0.275. A point where the value was lowest, around $0.2752, was reached. Right now, the value is taking time to balance out these losses. It’s currently being traded close to a certain level that shows a 23.6% retracement from the recent high at $0.3018 to the low at $0.2752.

Now, the value of ADA is lower than both $0.288 and the average value calculated over the past 4 hours. A clear line on the chart suggests the value might keep decreasing, with a point of resistance around $0.288. Looking on the positive side, the value faces resistance around the $0.285 area.

The first significant resistance point formed near $0.288, around the same place as the trend line. This resistance point is close to a level that suggests a 50% retracement from the recent high at $0.3018 to the low at $0.2752.

The next important challenge could be $0.300. If the value manages to stay above this $0.300 level, there’s a chance it might start going up in a good way. If this happens, the value could go up towards the zone with resistance around $0.320.

Source: TradingView

Losses in ADA increase?

It might go down again if the Cardano doesn’t exceed $0.288. Right now, there’s support around $0.275.

The biggest support is close to $0.262. If it goes below $0.262, it could drop a lot to $0.235. The next significant support is at $0.220.

Technical Indicators

4-hour MACD – The MACD indicator for ADA/USD shows increasing momentum in the bearish area.
4-hour RSI (Relative Strength Index) – The RSI indicator for ADA/USD has dropped below the 50 mark.
Significant Levels of Support – $0.275, $0.262, and $0.235.
Critical Levels of Resistance – $0.285, $0.288, and $0.300.

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