Cardano (ADA) Price Prediction: More Pain Yet To Come

Cardano’s price started a major decline after it broke the key $0.4200 support. ADA could continue to move down unless it settles above the $0.50 pivot level. ADA price is showing a lot of bearish signs below the $0.420 support against the US dollar. The price is trading well below $0.400 and the 100 simple moving average (4-hours). There are two bearish trend lines forming with resistance at $0.3700 and $0.3880 on the 4-hours chart of the ADA/USD pair (data source from Kraken). The pair could continue to move down below the $0.3500 support zone. Cardano (ADA) Price Signals Bearish Wave In the past few days, cardano’s price saw a steady decline from well above the $0.5000 level. The bears were able to push the price below the key $0.450 and $0.420 support levels. The decline gained pace below the $0.400 level and the 100 simple moving average (4-hours). A low was formed near the $0.3500 level and the price started a minor upward move, similar to bitcoin and ethereum. ADA price climbed above the $0.3620 and $0.3700 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $0.4265 swing high to $0.3500 low. However, the price failed to continue higher and settled below $0.3800. On the upside, an immediate resistance is near the $0.3700 zone. There are also two bearish trend lines forming with resistance at $0.3700 and $0.3880 on the 4-hours chart of the ADA/USD pair. The first major resistance ...