Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,196,862,304,259	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,196,862,304,259

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	644.47	1.07%	60,956.39	60,956.39	60,956.40

Price Change

Price Change %

Current Price

Bid Price

Offer

644.47

1.07%

60,956.39

60,956.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,122.66	60,273.80	60,306.17	60,311.92	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,122.66

60,273.80

60,306.17

60,311.92

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:31:36	0.000105	60,956.39	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:31:36

0.000105

60,956.39

USD

Price x Volume	Volume	Base Symbol	Related Pairs
212,568,041.15	3,494.62	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

212,568,041.15

3,494.62

Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend

27/06/2024 6:08am

NEWSBTC

Cardano price failed to surpass $0.40 and started another decline. ADA is now trading below $0.3850 and might extend losses in the near term. ADA price started a fresh decline and traded below $0.3880. The price is trading below $0.3850 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.3845 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could extend losses and test the $0.370 support zone. Cardano Price Dips Again In the past few days, Cardano attempted a recovery wave above the $0.3650 zone like Bitcoin and Ethereum. However, ADA failed to clear the $0.40 resistance zone. A high was formed at $0.3967 and the price started a fresh decline. There was a move below the $0.3880 and $0.3865 support levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.3620 swing low to the $0.3967 high. Besides, there was a break below a key bullish trend line with support at $0.3845 on the hourly chart of the ADA/USD pair. ADA price is now trading below $0.3850 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the $0.3850 zone. The first resistance is near $0.3880. The next key resistance might be $0.40. If there is a close above the $0.40 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4150 region. Any more gains might call for a move toward $0.4250. More Downsides in ADA? If Cardano’s price fails to climb above the $0.3850 resistance level, it could continue to move down. Immediate support on the downside is near the $0.3795 level or the 50% Fib retracement level of the upward move from the $0.3620 swing low to the $0.3967 high. The next major support is near the $0.370 level. A downside break below the $0.370 level could open the doors for a test of $0.350. The next major support is near the $0.3350 level. Technical Indicators Hourly 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 – $0.3790, $0.370, and $0.350. Major Resistance Levels – $0.3880 and $0.400.

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