Cardano (ADA) Struggles to Hold Ground: Another Drop Incoming?
Cardano price started a downside correction below the $1.00 zone. ADA is consolidating and facing hurdles near the $0.920 and $0.950 levels.
- ADA price started a downward move below the $1.00 support zone.
- The price is trading below $0.950 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $0.950 resistance zone.
Cardano Price Starts Fresh Decline
After struggling to clear the $1.00 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum . ADA declined below the $0.9650 and $0.950 support levels.
The recent high was formed at $0.9495 before the price dipped. There was a move below the $0.920 support level. The price declined below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.
Cardano price is now trading below $0.925 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.920 zone. There is also a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair.
Source: ADAUSD on TradingView.comThe first resistance is near $0.9350. The next key resistance might be $0.950. If there is a close above the $0.950 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.
More Losses in ADA?
If Cardano’s price fails to climb above the $0.920 resistance level, it could start another decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.
The next major support is near the $0.865 level. A downside break below the $0.8650 level could open the doors for a test of $0.820. The next major support is near the $0.8050 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.8950 and $0.8650.
Major Resistance Levels – $0.920 and $0.950.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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