ADA price had set on a rally starting from August 13 and reached $0.60. However, it failed to surpass this critical level and had to bac down. With that, Cardano broke the uptrend at $0.55 and lost it. Furthermore, ADA price lost the $0.50 support level and fell down to $0.44 on August 22. At that point, the price found support and bounced back with a recovery attempt. Yet again, Cardano failed to move above $0.48 and dipped back down to $0.42. Currently, ADA is trading at $0.43.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA managed to reach $0.60 on August 4 riding on an uptrend. However, it hit a strong ceiling at the price and had to back down. Subsequently, Cardano entered a bearish zone by losing the $0.55 and fell as low as $0.42. Once again, it got support at this level.
At the moment, the $0.42 is the key support level for ADA. In case of providing strong support, we can expect a new recovery attempt. For that, the $0.45 located on the SMA100 is the first resistance level for ADA. Following that, the $0.50 on the 50% Fibonacci retracement level will come next. Then, the $0.55, $0.58 and $0.60 will be the next resistance levels for Cardano.
On the other hand, if ADA price fails to surpass $0.44 and $0.45, and subsequently loses the $0.42, further decline will be imminent. For the bearish scenario, the $0.40 will be the next support level for ADA. Further decline can bring the price down to $0.38 and $0.35.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 40.
Resistance levels: the first support level will be $0.45 followed by $0.50. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.42 followed by $0.40. and then $0.35 will be next.
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