Cardano’s price began a wave of recovery above $0.680 but it failed. ADA remains vulnerable to further declines as it consolidates near $0.650.
- The ADA failed to rise above $0.70, the resistance level.
- Price trading is currently below $0.680 and 100-hour simple moving average.
- On the hourly chart for the ADA/USD, there was a breakdown below a bullish trendline with a support of $0.6720 (data from Kraken).
- It is possible that the pair will start a new increase once it has cleared the resistance level of $0.70.
Cardano Price Dips Again
Cardano experienced a strong recovery from its $0.6350 price zone in recent days. Bitcoin The following are some examples of how to get started: Ethereum. ADA has been able to move above resistance levels of $0.680 & $0.6880.
The bears are active in the zone above $0.70. At $0.7090, a new high was established and most of the gains were corrected. The price moved below $0.650. On the hourly chart for the ADA/USD, there has also been a move below a bullish trendline with support of $0.6720.
At $0.6356 a new low has been formed and now the price consolidates losses around the 23.6% Fib level of recent declines from the $0.7090 swing low to the $0.6356 lowest. Cardano’s price has fallen below $0.680 as well as the 100 hourly simple moving, average.
The price could face resistance on the upside near the zone of $0.6720 or at the level 50% Fib for the recent drop from the swing high $0.7090 to the low $0.6356. First resistance comes in the vicinity of $0.6950. Next, the key resistance could be at $0.700.
A close above resistance $0.70 could trigger a powerful rally. The price might rise to the $0.7420 area in the above scenario. In the short term, any further gains could lead to a price move towards $0.7650.
One Drop of ADA in Another?
Cardano may begin a new decline if the price does not rise above $0.6720. Near the $0.6420 support level, there is immediate support for the downside.
Near the level of $0.6350, we find our next significant support. If the downside breaks below the $0.6350 mark, it could lead to a $0.620 test. Bulls may emerge near $0.60, the next significant support level.
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 – $0.6420 and $0.6350.
Major Resistance Levels – $0.6720 and $0.7000.
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Source: www.newsbtc.com
