Cardano price started a new decline below the $0.5750 area. ADA is currently consolidating and may struggle to stay above $0.550 support.
- ADA price started a new decline below $0.580 and $0.5750.
- The price is trading below $0.570 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a major bearish trendline forming with resistance at $0.570 (data source from Kraken).
- A break below the $0.550 support could start a new downtrend.
Cardano price falls again.
In the last few sessions, Cardano has seen fresh declines below $0.580, unlike Bitcoin and Ethereum. ADA also fell below the $0.5750 level to enter bearish territory.
The bears even pushed the price below the 23.6% Fib retracement level of the upward move from the $0.5102 swing low to the $0.5938 high. The price surged below the $0.5520 support. On the hourly chart of the ADA/USD pair, there is also a major bearish trendline forming with resistance at $0.570.
Cardano price is currently trading below $0.570 and the 100-hour simple moving average. On the positive side, the price may face resistance near $0.570. The first resistance is near $0.5850.
The next major resistance could be at $0.5920. If the price closes above the $0.5920 resistance, the price could begin a strong rally. If indicated, the price may rise to the $0.620 region. A short-term move to $0.6350 may be necessary to take further profits.
Is this another ADA drop?
If Cardano’s price fails to break above the $0.5850 resistance level, another decline could begin. Immediate support for the bears is near the $0.5520 level and the 50% Fib retracement level of the rise from the $0.5102 swing low to the $0.5938 high.
The next major support is near the $0.530 level. A break below the $0.530 level could open the door to a test of $0.5120. The next major support is near the $0.50 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 – $0.5520 and $0.5300.
Key resistance levels – $0.5850 and $0.6000.
