Cardano ADA price analysis: Will it pull well past $0.0456?

Cardano ADA price analysis: Will it pull well past alt=

Cardano ADA price saw a sharp decline in its volume in the past week.  ADA trades near 0.045492 dollars at the time of writing with a twenty-four (24) hour volume that sums up to fifty-nine million dollars ($59,645,379). The previous week had ADA swoop from 0.0500 dollars to 0.0480 dollars which were both formidable support levels.

The 0.0450 dollars support was not sustained either and the price broke clear through the fifty-five (55) simple moving average (SMA) as well in the four-hour interval. Cardano ADA price had to trade below 0.0430 dollars for quite some time before an upswing to 0.0440 dollars was made. From then on ADA reached 0.0450 dollars and broke the resistance.

The twenty-three percent (23.6%) Fibonacci level from $0.0433 low to $0.0526 high acted as a resistance as well. The resistance was broken and Cardano price surged above 0.0470 dollars after breaking the 0.0445 where a bearish trend line is forming.

Cardano ADA price analysis: Will it pull well past $0.0456? 1

Cardano ADA chart by Trading View

The 0.0470 was the next resistance level to be obliterated followed by the fifty-five (55) simple moving average that was also put down. The 0.0480 dollars resistance mark could not be broken. The mark ha not yet been tested in the previous week either and hence it remains a strong barricade for the traders to overcome.

Cardano ADA price is on the decline

The fifty percent (50%) Fibonacci retracement level from $0.0526 high to $0.0433 also falls close to 0.0480 dollars. The nearest support is located at 0.0455 dollars. Failure to hold the fort at this mark will cause ADA to ricochet to 0.0435 dollars.

Resistances for Cardano are found at 0.480 dollars which is just above the fifty-five (55) SMA. The next resistance level is located at the seventy-six percent (76%) Fibonacci retracement level from $0.0433 low to $0.0526 high marked at 0.500 dollars. Above that, the bulls have to push past the 0.0526 dollars resistance mark.

The moving average convergence/divergence (MACD) seems to be slipping back to the bears’ side. The relative strength index (RSI) is just about to test the fifty (50) level. Technical indicators signal green for the sell.

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