• Cardano (ADA) price is trading in a bearish zone below the $0.355 support zone against the US Dollar.
• There are two bearish trend lines forming with resistance near $0.3400 and $0.3580 on the 4-hours chart (data feed via Kraken).
• ADA price could start a recovery wave if it clears the $0.340 and $0.355 resistance levels.

Cardano Price Analysis

Cardano (ADA) price is currently trading in a bearish zone below the $0.355 support zone against the US Dollar. The price has declined below both the $0.355 and $0.350 support levels, as well as below the 55 simple moving average (4-hour). There are two bearish trend lines forming with resistance near $0.3400 and $ 0.3580 on the 4-hours chart (data feed via Kraken). If ADA manages to clear these resistances, it could start a recovery wave towards key resistances at $ 0 .380 and beyond .

Immediate Resistance

On the upside, an immediate resistance is near the $ 0 .345 zone which is close to 50% Fib retracement level of downward move from swing high at$ 0 .3699 to low at$ 0 .3210 . Further above this , there is also another significant resistance formed by two trendlines near$ 0 .3400 and$ 0 .3580 respectively, which have been preventing any further upward movement of ADA price since last few days .

Possible Upside Target

If ADA manages to break above both of these resistances , then it could open up room for more gains towards major resistances at$ 0 .378 and beyond . A clear upside break above$ 0 .3580 would be bullish for Cardano price in short term , signaling that bulls might take over again soon if buyers managed to regain control over market sentiment around this area of supply – demand balance point

< h2 > Immediate Support < / h2 > On downside , there is an immediate support near$ 0 .328 level followed by another major support at$