Cardano has begun a new decline under the zone of $0.850. ADA’s price is consolidating now and may extend losses to below $0.80.
- ADA started a brand new drop below the 0.850 zone support.
- Price is below the simple 100-hour moving average and $0.8320.
- On the hourly chart for the ADA/USD, there is a major bearish trendline with resistance of $0.820 (data from Kraken).
- This pair may start to increase again if they clear the resistance level of $0.820.
Cardano Price Dips Further
Cardano began a downward correction after it faced buyers near $0.880. Bitcoin The following are some examples of how to get started: Ethereum. ADA dropped below the support levels at $0.850 and $0.8320.
Even the bears pushed it below $0.820. The price has now reached a low of $0.8003 where it is consolidating its losses. A minor rise was seen towards the Fib 23.6% retracement of the recent drop from the swing high at $0.8376 to the low at $0.8003.
Cardano is currently trading under $0.820, and below the 100 hourly simple moving average. On the hourly chart for the ADA/USD, a bearish trendline is also forming. The resistance level at $0.820 represents a major barrier.
The price could face resistance in the area of $0.820. First resistance comes in near the level of $0.8280, or 76.4% of Fib’s retracement from the swing high $0.8376 to the low $0.8003. Next, the key resistance could be at $0.840.
The price may start to rally if the resistance of $0.840 is closed above. If the case is stated, then the price may rise towards the region of $0.8620. If there are any more gains, the price could move towards $0.880 within the next few months.
The ADA: Another decline?
Cardano may begin a new decline if the price does not rise above the resistance level of $0.840. The $0.80 area is the immediate support to the downside.
Next major support will be near $0.780. If the level of the 0.7620 is breached, it could lead to a new test. Near the $0.750 support level, the next significant resistance is where bulls may 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 – $0.8000 and $0.7800.
Major Resistance Levels – $0.8200 and $0.8400.
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Source: www.newsbtc.com
