#Cardano price is presently trading above $0.300 per US dollar, similar to bitcoin. If the ADA price breaks through the $0.325 resistance level, a rebound wave may begin.
Over the past three weeks, the value of Cardano's cryptocurrency has experienced a significant decline, dropping to a low Fibonacci retracement support level of 0.618. This drop represents a 27% decrease from the previous high of $0.420, with current trading prices hovering around $0.306.
Cardano's recent decline has caused the cryptocurrency to dip below all of its significant moving averages. This trend has been ongoing since June 2022, indicating a prolonged downtrend. On the daily chart, a rounding top has formed, and the price has retested the neckline.
From a technical standpoint, the future of cryptocurrency appears bleak in the short term. It is highly probable that it will fall below $0.300, which would pave the way for a further decline to the late-2022 lows in the $0.24 range, representing a 20% drop from current levels.
Cardano was unable to break through and close above the $0.420 resistance level. Cardano's price has dipped below $0.380 per dollar in recent days. The ADA/USD coin fell below the $0.345 and $0.320 support levels. The price fell below the $0.300 support level and formed a low at $0.2976 and is currently consolidating losses.
The price of ADA is trading at $0.303, reflecting an intraday loss of 2.75%. Over the past two days, the coin's price has demonstrated long lower price rejection candles at the combined support of 0.618 FIB and $0.30. This suggests that buyers are accumulating at this support level.
As per #priceanalysis , If the price of the coin manages to remain above the support level mentioned earlier, it could signal a bullish reversal, prompting buyers to challenge the resistance levels of $0.325 and $0.345. A successful break through the $0.3450 level could potentially lead to a rise towards the $0.3800 resistance level. Continued gains could result in a steady increase towards the $0.4200 level.
ADA's immediate support level is at $0.325. If the price falls below this level, the next important support level will be around $0.320. If the price continues to fall, it might approach $0.300. Further losses might result in a test of the $0.280 level in the worst-case scenario.
KEY LEVELS :
RESISTANCE LEVEL : $0.3250-$0.3450
SUPPORT LEVEL : $0.2950-$0.2800
#crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
