Cardano Struggles: Can Bulls Prevent Further Losses? -

Cardano Struggles: Can Bulls Prevent Further Losses?

Oct 03, 2024Jeremy ParkinsonFinance0

Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave.

ADA price started a downward move below the $0.3550 support level.

The price is trading below $0.350 and the 100-hourly simple moving average.

There is a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair (data source from Kraken).

The pair could continue to move down if it stays below the $0.360 resistance zone.

Cardano Price Dips AgainAfter testing the $0.4150 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.The price even declined below $0.350 before the bulls appeared. A low was formed at $0.3360 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low.Cardano price is now trading below $0.360 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair. The first resistance is near $0.360 or the 50% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low. The next key resistance might be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.400 region. Any more gains might call for a move toward $0.4150. More Downsides in ADA?If Cardano’s price fails to climb above the $0.3500 resistance level, it could start another decline. Immediate support on the downside is near the $0.340 level.The next major support is near the $0.3350 level. A downside break below the $0.3350 level could open the doors for a test of $0.3220. The next major support is near the $0.300 level where the bulls might emerge.Technical IndicatorsHourly 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 – $0.3400 and $0.3350.Major Resistance Levels – $0.3500 and $0.3600.More By This Author:Solana Holds Above $140 As Funding Rate Signals Bullish MomentumXRP Price Fights to Regain Momentum: Will It Break Through??Ethereum Struggles To Reach Higher Highs: Key Levels ETH Must Break