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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-faces-market-challenges-and-price-volatility/" data-wpel-link="internal">Cardano Faces Market Challenges and Price Volatility</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/what-is-zcash-zec/" data-wpel-link="internal">Cryptocurrency</a></strong> market has been following an uncertain path recently, and <a href="https://en.coin-turk.com/understanding-the-decline-of-cardano-ada/" data-wpel-link="internal">Cardano</a> (<a href="https://en.coin-turk.com/cardano-ada-price-analysis-will-ada-experience-a-new-decline/" data-wpel-link="internal">ADA</a>) is also experiencing these fluctuations. Trading below the $0.50 resistance area, ADA could strengthen its downtrend if it stays below the 100 simple moving average (4-hour). At this point, what levels should ADA investors watch out for?</p> 
<h2 style="text-align: justify" id="ada-price-on-a-downtrend">ADA Price on a Downtrend</h2> 
<p style="text-align: justify">Looking at recent price movements, we see ADA coin gradually moving downward from the $0.520 area. The price is currently below $0.50 and the 100 simple moving average. This situation is not a positive sign for the bulls.</p> 
<p style="text-align: justify"><strong>ADA</strong>/USD pair’s 4-hour chart shows a clear downtrend line. This situation has formed at the $0.4740 resistance level. This poses a significant barrier to any bullish desires. However, if the bulls can sustain their presence above the $0.4280 support level, there is still a chance for the pair to attempt a new rise.</p> 
<h2 style="text-align: justify" id="cardano-highly-affected-by-bitcoin-and-ethereum">Cardano Highly Affected by Bitcoin and Ethereum</h2> 
<p style="text-align: justify">Especially, the similar downtrend within major cryptocurrencies like <a href="https://coin-turk.com/bu-tahmine-dikkat-uzman-bitcoin-icin-siradaki-muhtemel-2-seyi-acikladi" data-wpel-link="internal">Bitcoin</a> and <strong><a href="https://coin-turk.com/ethereumun-stake-orani-zirveyi-gordu-iste-yasanan-artisin-sebebi" data-wpel-link="internal">Ethereum</a></strong> seems to have influenced ADA to follow a similar path.</p> 
<p style="text-align: justify">The price has recently experienced a significant drop from the $0.520 resistance level and is currently trading below $0.500. It was even observed that the price fell below the $0.4650 level and tested $0.450. This shows the strength of the current downtrend.</p> 
<h2 style="text-align: justify" id="ada-coin-bulls-remain-hopeful">ADA Coin Bulls Remain Hopeful</h2> 
<p style="text-align: justify"><strong>ADA coin</strong> bulls still seem to have hope. Particularly, the $0.4740 resistance level, the 100 simple moving average (4-hour), and proximity to the trend line show some upward potential. The first significant resistance level is around $0.4920, and if a close above this level occurs, the possibility of a strong rally for ADA coin could increase.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-345630 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/Ada-coin-turk-com-1-4.png" alt="" width="1828" height="786"></p> 
<p style="text-align: justify">In case of a downward movement, the price could quickly approach the immediate support level of $0.450. However, if a deeper drop occurs, the next major support point at around $0.4280 will be waiting. A break below this level could lead to a test of $0.40 and potentially start a journey towards the main support level at $0.3880.</p> 
<p style="text-align: justify">Looking at the technical indicators, the hourly MACD is gaining momentum in the bearish zone for ADA/USD. This could indicate support for a potential downward move. Additionally, the hourly RSI (Relative Strength Index) is currently below the 50 level, which could indicate continued selling pressure.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-faces-market-challenges-and-price-volatility/" data-wpel-link="internal">Cardano Faces Market Challenges and Price Volatility</a></h5>

Cardano Faces Market Challenges and Price Volatility

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