• Cardano (ADA) price is showing bearish signs below the $0.40 support zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart.
• ADA price could start a fresh increase if it clears the $0.375 and $0.38 resistance levels.
Cardano (ADA) Price Analysis
Cardano (ADA) price is trading below $0.40 against the US Dollar, as bears are in control of the market. There is a key bearish trend line forming with resistance near $0.375 on the 4-hour chart, which could put further pressure on the price if it fails to clear this hurdle in the coming sessions.
Bearish Signs For ADA
In recent days, Cardano price has seen a fresh decline from its previous high of $0.400 against the US Dollar. The ADA/USD pair declined below both the $0.380 and $0.375 support levels, as well as breaching below its 55 simple moving average (4 hours). It even went as low as $0.355 before starting to consolidate losses slightly above this level at present time of writing..
Resistance Levels To Watch
On upside, immediate resistance lies at around the $0