Cardano price started a new decline below the $1.050 area. ADA is consolidating and may struggle to initiate a new hike above the $1.0250 level.
- ADA price started a new decline in the $1.150 area.
- The price is trading below $1.0550 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a bearish trendline connecting with resistance at $1.040 (data source from Kraken).
- Breaking out of the $1.050 resistance area, the pair could begin another rally.
Cardano Price Faces Hurdle
After struggling to stay above the $1.150 level, Cardano began a new downward trend, unlike Bitcoin and Ethereum. ADA fell below the $1.050 and $1.0350 support levels.
It even surged below $1.00. The low was formed at $0.9615 and the price is currently trying to recover. There was a move above the $0.990 level. The price cleared the 23.6% Fib retracement level of the downward move from the $1.088 swing high to the $0.9615 low.
Cardano price is currently trading below $1.050 and the 100-hour simple moving average. On the positive side, the price may face resistance near $1.0250. This is near the 50% Fib retracement level of the downward move from the $1.088 swing high to the $0.9615 low.
First resistance is near $1.050. On the hourly chart of the ADA/USD pair, there is also a connecting bearish trendline forming with resistance at $1.040. The next major resistance could be at $1.0880. If the price closes above the $1.0880 resistance line, the price could begin a strong rally.
If stated, the price may rise to the $1.120 region. A short-term move to $1.1520 may be needed to take further profits.
Another decline in ADA?
If Cardano’s price fails to break above the $1.050 resistance level, another decline could begin. Immediate support for the downside is near the $0.980 level.
The next major support is near the $0.9650 level. A break below the $0.9650 level could open the door to a test of $0.9200. The next major support is near the $0.880 level where the bulls may emerge.
technical indicators
Hourly MACD – MACD for ADA/USD is losing momentum in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now below the 50 level.
Key support levels – $0.980 and $0.9650.
Key resistance levels – $1.0250 and $1.0500.