The price of Cardano started to drop below $0.280. Key signs indicate that ADA is in trouble and that there are likely to be further declines below $0.252.
🔹 Cardano got a small rebound in the second half of Friday’s trading after a large number of whale transactions started to appear on the ADA network. As an extreme example, the last time whales accumulated on a dip, the price jumped +28% in 18 hours. pic.twitter.com/E5AxCsE0CO
— Charlotte (@estrella15x) June 6, 2022
Below the $0.285 mark, the price of ADA is trending downward versus the US dollar.
The price is currently trading above $0.280 and the 4-hour 100 SMA.
On the 4-hour chart of the ADA/USD pair (data source from Kraken), there is a significant bearish trend line forming with resistance near $0.274 (data source from Kraken).
If the resistance level at $0.280 is closed above, the pair may begin a recovery wave.
Cardano’s ADA Price Faces Uphill Task
Cardano’s price recently experienced a new fall from far above $0.288. Similar to Bitcoin and Ethereum, the price went below the $0.285 and $0.280 support levels to enter a negative zone.
Nasdaq fell more than 1%, while the Dow Jones Industrial Average lost 1.95%. advertisement. Cardano's (ADA) price falls more than 7% on Thursday. ADA …Cardano(ADA) Price Prediction: ADA Hit All Time Lows below $0.75, Faces 35% Upside Risk! … https://t.co/IjzFNyV3eo
— Christian (@FactorChengo) February 25, 2022
Even lower than $0.265 was reached before the price tested the $0.245 support. The price has made a low near $0.2455 and is currently consolidating its losses. Above the 23.6% Fib retracement level of the decline from the $0.3018 swing high to the $0.2455 low, there was a slight gain.
The $0.270 zone is where the bears are active, though. The price of ADA is currently below $0.280 and the 100-hour simple moving average. On the 4-hour chart of the ADA/USD pair, a significant negative trend line is also developing, with resistance located close to $0.274.
The downtrend line has been broken. Support zone $0.260 – $0.270, if broken, there is a possibility of a drop to $0.220. pic.twitter.com/iAYPFzimLg
— Technical Crypto Analyst (@TechCryptoAnlst) February 2, 2023
On the upside, about $0.270 is where there is immediate resistance. Near the $0.274 area and the trend line, the first significant resistance is building. It is not far from the level of the 50% Fibonacci retracement of the decline from the $0.3018 swing high to the $0.2455 low.
Cardano’s price may begin a new slide if it is unable to rise over the $0.274 barrier level. On the downside, there is immediate support close to the $0.252 mark.
Is the banking crisis truly over?
• Record borrowing from Federal Reserve ($250B+ this week)
• Recent credit rating downgrades • Rising US Treasury yields
• Unresolved commercial real estate losses • Credit tightening
There might be more uncertainty ahead. 🏦📉 pic.twitter.com/WBxMIKHeF9
— Financial Summit (@FinSummit) August 22, 2023
Near the $0.2455 mark, there is the next significant support. The $0.2455 level would need to be broken on the downside to allow for a steep new slide toward $0.220. The next significant support is close to the $0.200 mark.