Cardano’s price has started to decline again from the zone of $0.680. ADA remains vulnerable to further declines as it consolidates near $0.620.
- ADA prices started a wave of recovery from the $0.5850 area.
- The 100-hour simple moving average and the price are both below $0.640.
- The hourly chart shows a connective bearish trendline with resistance $0.6350. (Data source: Kraken).
- If the pair clears resistance at $0.640, it could begin another rise.
Cardano Price Faces Resistance
Cardano’s price has dropped from $0.680 to just under $0.600 in recent sessions. Bitcoin You can also find out more about the following: Ethereum. ADA fell below support levels of $0.650 and $ 0.640.
At $0.6040, a new low has been formed and now the price consolidates its losses. A minor movement was seen above the $0.6120 mark. Price reached the level of 23.6% Fib Retracement from the recent fall between the swing high at $0.6481 and the low at $0.6040.
Cardano’s price has fallen below $0.640. It is also trading lower than the 100-hour simple moving average. Price might find resistance in the $0.6260 region and at the 50% Fib Retracement Level of the recent fall from the $0.6481 high swing to the $6040 low.
First resistance near $0.6350. On the hourly chart for the ADA/USD, there is also a bearish trendline connecting resistance at $0.6350. The next major resistance may be $0.6480.
The price may start to rally if the resistance of $0.6480 is closed above. The price might rise to the area of $0.680 in the above case. If there are any more gains, the price could move to $0.70 within a short time.
One Drop of ADA in Another?
Cardano could experience another drop if it fails to rise above the resistance level of $0.6350. The $0.6040 area is the immediate support to the downside.
The next significant support level is around the $0.60 mark. The test for $0.580 could be possible if the level of $0.60 is breached. Near the $0.5550 support level, the next significant resistance is where bulls may emerge.
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 – $0.6040 and $0.580.
Major Resistance Levels – $0.6350 and $0.6480.
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Source: www.newsbtc.com
