Cardano’s price has started to decline again below $0.5750. ADA may now struggle to hold above $0.550.
- ADA prices started a new decline beneath $0.580.
- The 100 hourly moving average is at $0.570.
- On the hourly chart for the ADA/USD, there is a major bearish trendline with resistance of $0.570 (data from Kraken).
- This pair may start another decline if the price dips below $0.550.
Cardano Price Dips Again
Cardano’s price has dropped below $0.580 in recent sessions. Bitcoin You can also find out more about the following: Ethereum. ADA has even fallen below the level of $0.5750, entering a bearish area.
Even the bears pushed the price under the level of 23.6% Fib on the upward movement from the pivot low at $0.5102 up to the high at $0.5938. Even the price spiked down below $0.5520. On the hourly chart for the ADA/USD, there is also a major bearish trendline forming at resistance of $0.570.
Cardano’s price has fallen below the $100-hour simple moving average and is currently trading under $0.570. Price could face resistance in the $0.570 area. The first resistance lies near $0.5850.
The next major resistance may be $0.5920. A close above resistance $0.5920 could trigger a powerful rally. If the case is stated, then the price may rise towards the region of $0.620. If there are any more gains, the price could move towards $0.6350 within a short time.
A Drop In ADA Rate?
Cardano could begin a new decline if it fails to rise above the resistance level of $0.5850. The $0.5520 support level is the immediate downside resistance. It’s also the level where the Fib 50% retracement of the move upwards from the $0.5102 low swing to the $0.5938 peak occurs.
Next major support will be near $0.530. The $0.5120 level may be tested if the $0.530 is breached. Bulls could emerge near the $0.50 area, which is the next important support.
Indicators of Technical Efficiency
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 – $0.5520 and $0.5300.
Major Resistance Levels – $0.5850 and $0.6000.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
