Cardano (ADA) Struggles Deepen: Price Slips Further, Investors on Edge
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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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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
