• Cardano (ADA) price is currently bearish and trading below $0.365 against the US Dollar.
• ADA price could start a fresh increase if it clears the $0.355 and $0.365 resistance levels.
• If Cardano fails to break above the $0.365 resistance level, it could continue to move down towards key supports at $0.347 and $0.332.
Overview
Cardano (ADA) is struggling against the US Dollar as its price currently trades below the resistance level of $0.365. The immediate support levels for ADA are at $0.347 and $0.332, but it may have potential to start a fresh increase if it breaks above the resistances of $0.355 and $0.365 in the near future.
Bearish Momentum
Cardano has seen a rejection pattern near the resistance of $0.382 against the US Dollar this past week, leading to a decline below crucial supports at levels of 0$380 and 0$368 respectively on 4-hour chart with data feed via Coinbase . The price even declined below support of 0$355 along with 55 simple moving average (4 hours). A low was formed near 0$3470 before consolidation happened.
Upside Potential
If Cardano manages to clear resistances of 0$355 and 0$364, which are close to 23% Fibonacci retracement level from its downward move from high swing of 0$3819 to low swing of 0$3470, then there is potential for upside movement towards higher resistances such as 0$380 or even further up till 0$400.
Downside Risk
On downside risk, immediate support is near level of 0$347 while next major support is around mark of 0$322 which may lead Cardano price towards test zone at level of 30$. Any more losses might call for another test at support line of 30$.
Conclusion
Overall, if Cardano fails to break above resistance line of 36$, there can be chances for continuation in bearish momentum taking it towards key supports mentioned earlier in article such as 0$347 or even lower than that at mark of 30$.