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ADA Price Plunges 5%, Can Buyers Save The Key $0.275 Support?
Cardano’s price started a fresh decline from well above $0.30. ADA is testing $0.275 and remains at risk of more downsides in the near term.
Cardano’s ADA Price Extends Losses
In the past few days, Cardano’s price saw a fresh decline from well above $0.308. The price traded below the $0.300 and $0.288 support levels to move into a bearish zone, similar to Bitcoin and Ethereum.
The price even declined below $0.280 and tested the $0.275 support. A low is formed near $0.2752 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2752 low.
ADA price is now trading below $0.288 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.288 on the 4-hour chart of the ADA/USD pair.
On the upside, immediate resistance is near the $0.285 zone. The first major resistance is forming near the $0.288 zone and the trend line. It is close to the 50% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2752 low.
Source: ADAUSD on TradingView.com
The next key resistance might be $0.300. If there is a close above the $0.300 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.320 resistance zone.
More Losses in ADA?
If Cardano’s price fails to climb above the $0.288 resistance level, it could start another decline. Immediate support on the downside is near the $0.275 level.
The next major support is near the $0.262 level. A downside break below the $0.262 level could open the doors for a sharp fresh decline toward $0.235. The next major support is near the $0.220 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.275, $0.262, and $0.235.
Major Resistance Levels – $0.285, $0.288, and $0.300.