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Home»EXCHANGE NEWS»ADA Price Prediction – Here’s Why Cardano Could Fall to $0.50
EXCHANGE NEWS

ADA Price Prediction – Here’s Why Cardano Could Fall to $0.50

By Crypto FlexsApril 5, 20243 Mins Read
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ADA Price Prediction – Here’s Why Cardano Could Fall to alt=
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Cardano (ADA) is falling below the $0.620 resistance zone. ADA may gain bearish momentum and decline towards the $0.50 support level.

  • ADA price is slowly falling in the $0.670 area.
  • The price is trading below $0.620 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the ADA/USD pair, there is a major bearish trendline forming with resistance at $0.6008 (data source from Kraken).
  • If the bulls remain active above the $0.560 support, the pair could attempt a fresh increase.

Cardano price reaches key support

Over the past few days, Cardano has seen a steady decline above the $0.670 resistance area like Bitcoin and Ethereum. ADA price declined below the $0.650 and $0.620 levels to enter bearish territory.

It even fell below $0.580 and tested $0.560. A low was formed at $0.5592 and the price is consolidating losses. It tested the 23.6% Fib retracement level moving down from the $0.6701 swing high to the $0.5592 low.

ADA price is currently trading below $0.620 and the 100 simple moving average (4-hours). On the positive side, immediate resistance is located near the $0.6010 area. There is also a major bearish trendline forming with resistance at $0.6008 on the 4-hours chart of the ADA/USD pair.

First resistance is near $0.6150 or the 50% Fib retracement level for a downside move from the $0.6701 swing high to the $0.5592 low. The next major resistance could be at $0.6280. If the price closes above the $0.6280 resistance line, the price could begin a strong rally.

Source: ADAUSD on TradingView.com

If indicated, the price may rise to the $0.6550 region. Any more profits may require a move to $0.670.

Will ADA cause more losses?

If the price of Cardano fails to break above the $0.6150 resistance level, it may continue to decline. Immediate support for the downside is near the $0.560 level.

The next major support is near the $0.520 level. A break below the $0.520 level could open the door to a $0.50 test. The next major support is near the $0.4880 level.

technical indicators

4-Hour MACD – The MACD for ADA/USD is gaining momentum in bearish territory.

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

Key support levels – $0.5600, $0.5200 and $0.4880.

Key resistance levels – $0.6150, $0.6280 and $0.6700.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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