Cardano (ADA) Price Analysis: Bears Take Control Below $0.40

ADA price is trading in a bearish zone below the $0.42 support zone against the US Dollar.
The price is now trading below $0.40 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart (data feed via Coinbase).
The price could continue to move down if it stays below the $0.40 resistance zone.

Cardano price is struggling below $0.40 against the US Dollar, similar to Bitcoin. ADA price could start a fresh increase if it clears the $0.385 and $0.400 resistance levels.

Cardano Price Analysis

In the past few days, Cardano price saw a fresh decline from the $0.465 zone against the US Dollar. The ADA/USD pair declined below the $0.425 and $0.420 support levels.

The price even declined below the $0.400 support and the 55 simple moving average (4 hours). It revisited the $0.3750 support zone. A low is formed near $0.3763 and the price is consolidating losses. It is now trading below $0.40 and the 55 simple moving average (4 hours).

Besides, there is a key bearish trend line forming with resistance near $0.3850 on the 4-hour chart. On the upside, immediate resistance is near the $0.3850 zone. The first major resistance is near the $0.400 level or the 23.6% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.

A clear upside break above the $0.400 level might send the price toward the $0.415 resistance. Any more gains could start a steady increase toward the $0.420 level or the 50% Fib retracement level of the downward move from the $0.4625 swing high to the $0.3763 low.

On the downside, immediate support is near the $0.375 level. The next major support is near the $0.365 level, below which the price may perhaps decline toward the $0.350 support level. Any more losses might call for a test of the $0.320 level.

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.40 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.40 resistance zone.