Cardano has begun a new decline under the $0.3550 area. ADA has been consolidating over $0.3400, and could attempt a wave of recovery.
- ADA started a decline below the support level of $0.3500.
- Price trading is currently below the 100 hourly moving average and under $0.3520.
- On the hourly chart for the ADA/USD, there is a major bearish trendline with resistance of $0.3460 (data from Kraken).
- It is possible that the pair will continue to fall if it remains below $0.3520.
Cardano Price Consolidates Losses
Cardano was unable to maintain its upward trend after it tested the resistance of $0.3680. ADA made a top in the short term and began a decline. Bitcoin You can also find out more about the following: Ethereum. The support levels of $0.3550 and $0.3500 were breached.
Before the bulls emerged, it was even lower than $0.3450. The price has now reached a low of $0.3409, and is consolidating its losses. A minor movement was seen above the level of $0.3450. Price tested the Fib level 23.6% of the decline from $0.3681 swing low to $0.3409 bottom.
Cardano is currently trading at a price below $0.3520, and it’s 100 hour simple moving average. Price might encounter resistance in the area of $0.3460 on the upside. On the hourly chart for the ADA/USD, there is a major bearish trendline with resistance near $0.3460.
First resistance will be near the Fib 50% retracement of the decline from the swing high $0.3681 to the low $0.3409. Next, the key resistance could be $0.3550. A close above resistance $0.3550 could trigger a powerful rally. The price might rise to the $0.3680 area in the above case. For any further gains it may be necessary to move the price towards $0.400.
What are the other downsides of ADA?
Cardano may begin a new decline if the price does not rise above $0.3550. The $0.3420 support level is the immediate downside support.
Near the level of $0.3400, we find our next significant support. If the downside breaks below the $0.3400, it could lead to a $0.3250 test. Near the $0.3120 support level, the next significant resistance is where bulls may emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3350.
Major Resistance Levels – $0.3460 and $0.3550.
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Source: www.newsbtc.com
