Cardano price started a new decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and may attempt a recovery.
- ADA price began a decline below the $0.3550 support level.
- The price is trading below $0.350 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a short-term bearish trendline forming at resistance $0.3480 (data source from Kraken).
- If it stays below the $0.360 resistance zone, the pair may continue to fall.
Cardano price falls again.
After testing $0.4150 resistance, Cardano struggled to hold higher levels. ADA formed a short-term high and started a new downtrend like Bitcoin and Ethereum. It has moved below the $0.3850 and $0.3650 support levels.
Even before the uptrend, the price fell below $0.350. A low was formed at $0.3360 and the price is currently consolidating losses. There was slight movement above the $0.3420 level. The price tested the 23.6% Fib retracement level moving down from the $0.3853 swing high to the $0.3360 low.
Cardano price is currently trading below $0.360 and the 100-hour simple moving average. On the other hand, the price may face resistance near $0.3500. On the hourly chart of the ADA/USD pair, there is also a short-term bearish trendline forming with resistance at $0.3480.
The first resistance is near $0.360 or the 50% Fib retracement level for a downside move from the $0.3853 swing high to the $0.3360 low. The next major resistance could be at $0.3740. If the price closes above the $0.3740 resistance, the price could begin a strong rebound. If stated, the price may rise to the $0.400 region. Any more profits may require a move to $0.4150.
Are there any more downsides to ADA?
If Cardano’s price fails to break above the $0.3500 resistance level, another decline could begin. Immediate support for the downside is near the $0.340 level.
The next major support is near the $0.3350 level. A break below the $0.3350 level could open the door to a test of $0.3220. The next major support is near the $0.300 level where the bulls may emerge.
technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now below the 50 level.
Key support levels – $0.3400 and $0.3350.
Key resistance levels – $0.3500 and $0.3600.