#Cardano price is now trading below $0.355 per US dollar, similar to bitcoin. If the ADA price breaks through the $0.345 and $0.355 resistance levels, a recovery wave might begin.
Cardano's price has dropped below $0.380 against the dollar over the past few days. The ADA/USD coin fell below the $0.355 and $0.350 support levels. The price fell below the $0.340 support level as well as the 100 hour simple moving average. The price has formed a low at $0.3212 and is currently consolidating losses.
On March 3, Cardano experienced a slight rebound from its $0.32 support level. However, despite the bulls' efforts, the price failed to surpass the overhead resistance at $0.34. This indicates that the market is experiencing a trend of selling rallies. As a result, the bears may attempt to push the price below the $0.32 support level once again, which could lead to aggressive selling of the ADA/USDT pair.
If this occurs, the pair may not find significant support until it reaches $0.26. However, this negative outlook may change if the price rebounds from the $0.32 level and breaks above the moving averages. Such a move could increase the likelihood of the formation of the right shoulder of the inverse Head and Shoulder pattern.
Firstly, there is an immediate resistance level near the $0.335 mark. Additionally, there are two major resistance levels to keep an eye on: the first being near the $0.345 level, and the second at $0.3580. If the price manages to break through the $0.3580 level, it could potentially reach the $0.3780 resistance level. Further gains could lead to a steady increase towards the $0.4000 level.
The immediate support level for ADA is near $0.325. However, if the price falls below this level, the next crucial support level is around $0.320. If the price continues to decline, it may reach the $0.300 level. In the worst-case scenario, further losses could lead to a test of the $0.280 level.
KEY LEVELS :
RESISTANCE LEVEL : $0.3400-$0.3550
SUPPORT LEVEL : $0.3200-$0.3100
