Cardano (ADA) Price Continues to Struggle Below $0.355 Against the US Dollar
Cardano (ADA) price is currently trading in a bearish zone below the $0.355 support zone against the US Dollar. The price is now trading below $0.355 and the 55 simple moving average (4-hours). There are two bearish trend lines forming with resistance near $0.3400 and $0.3580 on the 4-hours chart (data feed via Kraken).
The price could continue to move down if it stays below the $0.3550 resistance zone. Cardano price is struggling below $0.355 against the US Dollar, similar to bitcoin. ADA price could start a recovery wave if it clears the $0.340 and $0.355 resistance levels.
In the past few days, Cardano price saw a fresh decline below the $0.380 zone against the US Dollar. The ADA/USD pair declined below the $0.355 and $0.350 support levels. The price even declined below the $0.340 support and the 55 simple moving average (4-hour). A low was formed near $0.325 and the price is currently consolidating losses.
If there is an upside correction, the price could face resistance near the $0.340 and $0.355 levels. The first major resistance is near the $0.3580 level and the second one is near the $0.380 level. On the downside, the $0.325 level is a major support. If there is a downside break below $0.325, the price could decline towards the $0.300 support zone.
Overall, Cardano price is struggling below the $0.355 resistance zone and it could continue to move down. However, if there is a clear break above $0.355, the price could start a decent recovery wave towards the $0.380 resistance zone. Traders should keep an eye on the $0.355 level as it holds the key for the next move in ADA price.
