Cardano’s price has started to decline again from $1.00. ADA may continue its downward movement below the support of $0.9350.
- ADA prices started a new decline after leaving the $1.00 area.
- Price is below the simple 100-hour moving average and $0.950.
- On the hourly chart for the ADA/USD, there was a breakdown below a bullish trendline with support at $0.950 (data from Kraken).
- This pair may start a decline again if the price trades beneath $0.9350.
Cardano Price Turns Red
Cardano, which had been struggling to keep its price above $1.00 for some time, has now started another decline. Bitcoin You can also find out more about the following: Ethereum. ADA has fallen below $0.9650 support level and $0.950.
A clear movement was seen below the support area of $0.950. A break was made below a major bullish line that had support at $0.950 in the hourly chart of ADA/USD. It even moved below the 50 percent Fib level that retraced the rise from the $0.9007 low swing to the $0.9881 peak.
Cardano is trading now below the 100 hour simple moving-average and $0.950. Price could face resistance in the $0.950 area. The first resistance lies near $0.9650.
The next major resistance may be $0.9880. The price may start to rally if the resistance of $0.9880 is closed above. The price might rise to the $1.00 range in the above scenario. If there are any more gains, the price could move to $1.050 within the next few months.
The ADA: Another Falling Off?
Cardano could experience another drop if it fails to rise above $0.950. Support is found near $0.940, and also the 100-hourly moving average.
The nearest major support level is around the level $0.9350, or the level where the 61.8% fib retracement from the move upwards between the $0.9007 swing-low and the $0.9881 peak. If the price breaks below the $0.9350 support level, it could lead to a move towards $0.9040. Next major support lies near $0.8550 where bulls could 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 – $0.9400 and $0.9350.
Major Resistance Levels – $0.9500 and $0.9880.
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Source: www.newsbtc.com
