Cardano (ADA) Falls: Ethereum’s Decline Pulls Altcoins Down
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Cardano (ADA) price has started a fresh decline below the $0.4120 support level, heavily influenced by Ethereum's downturn. ADA has dropped from the $0.450 resistance zone and is now trading below the $0.4120 level and the 100-hourly simple moving average. A key bearish trend line has formed resistance at $0.4060, implying more potential downsides.
After climbing steadily, Cardano faced significant selling pressure near the $0.450 resistance zone, leading to a retrace below $0.4250. Ethereum's decline further dragged ADA below the $0.400 support. Currently, ADA has formed a low near $0.3919 and is consolidating its losses.
If ADA attempts a recovery, it might encounter resistance near the $0.4050 zone and the 50% Fib retracement level of its downward move. First resistance is around $0.4150 with the next at $0.4220. A close above $0.4220 could initiate a strong rally, potentially pushing prices toward $0.4450 or $0.4500.
However, if ADA fails to climb above $0.4050, it may continue its downtrend. Immediate support is near $0.3920, with significant support levels at $0.3800 and $0.3500. Technical indicators like the hourly MACD and RSI also suggest bearish momentum in ADA/USD.
Source: www.newsbtc.com ↗
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