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Cardano (ADA) Sideways — Support Intact, But No Spark for a Move Yet

Source Newsbtc

Cardano price started a fresh decline from the $0.590 zone. ADA is now consolidating and might attempt a fresh increase above the $0.5820 zone.

ADA price started a fresh decline below $0.5820 and $0.5750.
The price is trading above $0.560 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.5640 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 $0.5560 support zone.

Cardano Price Fails To Extend Gains

In the past few sessions, Cardano saw a fresh decline from the $0.590 zone, unlike Bitcoin and Ethereum. ADA declined below the $0.580 level and trimmed most gains.

The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.5567 swing low to the $0.5902 high. The price even spiked below the $0.570 support but stayed above $0.5650. There is also a key bullish trend line forming with support at $0.5640 on the hourly chart of the ADA/USD pair.

The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.5567 swing low to the $0.5902 high. Cardano price is now trading above $0.5650 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.5735 zone. The first resistance is near $0.5820. The next key resistance might be $0.590. If there is a close above the $0.590 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.620 region. Any more gains might call for a move toward $0.6350 in the near term.

More Losses In ADA?

If Cardano’s price fails to climb above the $0.5820 resistance level, it could start another decline. Immediate support on the downside is near the $0.5640 level and the trend line.

The next major support is near the $0.5460 level. A downside break below the $0.5460 level could open the doors for a test of $0.5250. The next major support is near the $0.510 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 – $0.5640 and $0.5460.

Major Resistance Levels – $0.5735 and $0.5820.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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