Cardano price started a fresh decline from the $0.820 zone. ADA is now consolidating losses and at risk of more losses below the $0.7350 level.
- ADA price started a fresh decline below the $0.80 and $0.7650 levels.
- The price is trading below $0.7750 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.7620 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $0.7750 resistance zone.
Cardano Price Climbs Above $0.750
After a decent increase, Cardano faced resistance near the $0.820 zone. ADA formed a short-term top and recently started a fresh decline, underperforming Bitcoin and Ethereum.
There was a move below the $0.80 and $0.7650 levels. The bears were able to push the price below $0.750. A low was formed at $0.7362 and the price is now consolidating losses. It is well below the 23.6% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low.
Cardano price is now trading below $0.7650 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.750 zone. The first resistance is near $0.7620. There is also a connecting bearish trend line forming with resistance at $0.7620 on the hourly chart of the ADA/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low. The next key resistance might be $0.7680. If there is a close above the $0.7680 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.80 region. Any more gains might call for a move toward $0.850 in the near term.
More Losses in ADA?
If Cardano’s price fails to climb above the $0.7620 resistance level, it could start another decline. Immediate support on the downside is near the $0.7350 level.
The next major support is near the $0.7320 level. A downside break below the $0.7320 level could open the doors for a test of $0.7150. The next major support is near the $0.70 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 – $0.7350 and $0.7150.
Major Resistance Levels – $0.7620 and $0.7680.
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