Cardano (ADA) Price Analysis: Risk of More Downsides Below $0.25

Submitted by Anonymous (not verified) on Tue, 10/10/2023 - 08:10

ADA price is trading in a bearish zone below the $0.258 support zone against the US Dollar.
The price is now trading below $0.255 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $0.2560 on the 4-hour chart (data feed via Coinbase).
The price could continue to move down if it stays below the $0.258 resistance zone.

Cardano price is struggling below $0.258 against the US Dollar, like Bitcoin. ADA price could start a fresh increase if it clears the $0.255 and $0.258 resistance levels.

Cardano Price (ADA) Analysis

In the past few days, Cardano price started a fresh decline from the $0.2680 resistance against the US Dollar. The ADA/USD pair declined below the $0.262 and $0.260 support levels.

The price even declined below the $0.258 support and the 55 simple moving average (4 hours). Besides, there was a break below a key bullish trend line with support at $0.2560 on the 4-hour chart. It revisited the $0.250 support zone. A low has formed near $0.2490 and the price is now consolidating losses.

There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2490 low.

On the upside, immediate resistance is near the $0.2540 zone. The first major resistance is near the $0.258 level or the 55 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2490 low.

The next key resistance could be $0.268. A clear upside break above the $0.268 level might send the price toward the $0.288 resistance. Any more gains could start a steady increase toward the $0.300 level or even $0.312.

On the downside, immediate support is near the $0.249 level. The next major support is near the $0.242 level, below which the price may perhaps decline toward the $0.220 support level. Any more losses might call for a test of the $0.20 level.

The chart indicates that ADA price is now trading below $0.255 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.258 resistance zone.