Cardano price began a downward correction below the $1.00 area. ADA is consolidating and faces hurdles near the $0.920 and $0.950 levels.
- ADA price started to decline below the $1.00 support.
- The price is trading below $0.950 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a bearish trendline connected to resistance at $0.92 (data source from Kraken).
- Breaking out of the $0.950 resistance area, the pair could begin a further rise.
Cardano price begins a new downward trend.
After struggling to break the $1.00 resistance zone, Cardano began a new downtrend, similar to Bitcoin and Ethereum. ADA fell below the $0.9650 and $0.950 support levels.
A recent high was made at $0.9495 before the price began to decline. It has moved below the $0.920 support level. The price fell below the 50% Fib retracement level, rising from the $0.8628 swing low to the $0.9495 high.
Cardano price is currently trading below $0.925 and the 100-hour simple moving average. On the positive side, the price may face resistance near $0.920. On the hourly chart of the ADA/USD pair, there is also a bearish trend line connecting with resistance at $0.92.
The first resistance is near $0.9350. The next major resistance could be at $0.950. If the price closes above the $0.950 resistance, the price could begin a strong rally. If stated, prices may rise to the $1.00 region. A move towards $1.050 in the near-term may be needed for further gains.
Will ADA cause more losses?
If Cardano’s price fails to break above the $0.920 resistance level, another decline could begin. Immediate support for the bears lies near the $0.8950 level or the 61.8% Fib retracement level of the rise from the $0.8628 swing low to the $0.9495 high.
The next major support is near the $0.865 level. A break below the $0.8650 level could open the door to a test of $0.820. The next major support is near the $0.8050 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 – $0.8950 and $0.8650.
Key resistance levels – $0.920 and $0.950.