Cardano (ADA) Struggles Deepen: Price Slips Further, Investors on Edge
Cardano price started a fresh decline below the $0.70 zone. ADA is now consolidating and might aim decline further below the $0.650 zone.
ADA price started a fresh decline below $0.720 and $0.700.
The price is trading below $0.70 and the 100-hourly simple moving average.
There was a break below a bullish trend line with support at $0.6840 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start a fresh decline if it dips below the $0.650 support zone.
Cardano Price Dips Further
In the past few days, Cardano saw a fresh decline below the $0.750, unlike Bitcoin and Ethereum. ADA even declined below the $0.70 level to enter a bearish zone.
Besides, there was a break below a bullish trend line with support at $0.6840 on the hourly chart of the ADA/USD pair. The bears even pushed the price below the $0.70 level. A low was formed at $0.6626 and the price is now consolidating losses.
Cardano price is now trading below $0.70 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.6720 zone. It is near the 23.6% Fib retracement level of the recent decline from the $0.7026 swing high to the $0.6626 low.
The first resistance is near $0.6825 or the 50% Fib retracement level of the recent decline from the $0.7026 swing high to the $0.6626 low. The next key resistance might be $0.6920.
If there is a close above the $0.6920 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.7350 region. Any more gains might call for a move toward $0.750 in the near term.
Another Decline In ADA?
If Cardano’s price fails to climb above the $0.6825 resistance level, it could start another decline. Immediate support on the downside is near the $0.6625 level.
The next major support is near the $0.650 level. A downside break below the $0.650 level could open the doors for a test of $0.620. The next major support is near the $0.60 level where the bulls might 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 – $0.650 and $0.620.
Major Resistance Levels – $0.6825 and $0.700.
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