Cardano

Resistance

Cardano price started a fresh decline below the $0.4120 support. Ethereum’s decline seems to be dragging ADA lower toward the $0.380 support. 
<ul> 
 <li>ADA price started a fresh decline from the $0.450 resistance zone.</li> 
 <li>The price is trading below $0.4120 and the 100-hourly simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $0.4060 on the hourly chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to move down and test the $0.380 support zone.</li> 
</ul> 
<h2 id="cardano-price-shows-signs-of-more-downsides">Cardano Price Shows Signs of More Downsides</h2> 
After a steady increase, Cardano faced sellers near the <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-could-retrace-0-4250/" target="_blank" rel="noopener ">$0.450 resistance zone</a>. ADA formed a short-term top and started a pullback below the $0.4250 level. Recently, <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3200-2/" target="_blank" rel="noopener ">Ethereum’s decline</a> dragged it further lower below the $0.400 support. 
A low is formed near $0.3919 and the price is consolidating losses with a bearish angle. There is also a key bearish trend line forming with resistance at $0.4060 on the hourly chart of the ADA/USD pair. 
Cardano price is now trading below $0.4100 and the 100-hourly simple moving average. If there is a recovery wave, the price might face resistance near the $0.4050 zone and the 50% Fib retracement level of the downward move from the $0.4211 swing high to the $0.3919 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631431 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461" alt="Cardano Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-ADA_c881be.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first resistance is near $0.4150 or the 76.4% Fib retracement level of the downward move from the $0.4211 swing high to the $0.3919 low. The next key resistance might be $0.4220. If there is a close above the $0.4220 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4450 region. Any more gains might call for a move toward $0.4500. 
<h2 id="more-downsides-in-ada">More Downsides in ADA?</h2> 
If Cardano’s price fails to climb above the $0.4050 resistance level, it could continue to move down. Immediate support on the downside is near the $0.3920 level. 
The next major support is near the $0.3800 level. A downside break below the $0.3800 level could open the doors for a test of $0.3650. The next major support is near the $0.3500 level where the bulls might emerge. 
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 – $0.3920 and $0.3800. 
Major Resistance Levels – $0.4050 and $0.4150.

Cardano (ADA) Falls: Ethereum’s Decline Pulls Altcoins Down

Table of Contents

NewsBTC

Other articles published on Jul 25, 2024

Crypto bank Sygnum posts profit after doubling crypto trading volumes

Capo Of Crypto Says Market Is Similar To 2020 Altcoin Season, What Happened Last Time?

170.2 Billion PEPE Dumped by Diamond Hand Whale With Massive Profit

Analysts Predict Bullish Future for APT and ARB, Highlight Key Support Levels and Entry Points

ETH ETFs Reach Nearly $1 Billion in Trading Volume in Two Days

Can ETC Price Break Out Amid ETH ETF Approval News?

Join our free newsletter for daily crypto updates!