Cardano price started a new decline below the $0.9550 area. The ADA is consolidating and may have difficulty initiating new increases above the $1.00 level.
- ADA price started a new decline in the $1.0350 area.
- The price is trading near $0.950 and the 100-hourly simple moving average.
- On the hourly chart of the ADA/USD pair (data source from Kraken), it has broken a short-term bearish trendline with resistance at $0.9560.
- A break above the $1.00 resistance zone could initiate further upside.
Cardano price attempts to recover
After struggling to stay above the $1.00 level, Cardano began a new downward trend like Bitcoin and Ethereum. ADA fell below the $0.9550 and $0.9500 support levels.
It even surged below $0.900. The low was formed at $0.8769 and the price is currently trying to recover. There was a move above the $0.9150 level. Price cleared the 23.6% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low.
On the hourly chart of the ADA/USD pair, there is a break above the short-term bearish trend line, which is the resistance level at $0.9560. Cardano price is currently trading below $0.9650 and the 100-hour simple moving average.
On the positive side, the price may face resistance near $0.9550. It is near the 50% Fib retracement level with a downward move from the $1.0354 swing high to the $0.8769 low. The first resistance is near $0.9750. The next major resistance could be $1.00.
If the price closes above the $1.00 resistance line, the price could begin a strong rally. If stated, the price may rise to the $1.050 region. A short-term move to $1.120 may be necessary to take further profits.
Another decline in ADA?
If Cardano’s price fails to rise above the $0.9550 resistance, another decline could begin. Immediate support for the downside is near the $0.9320 level.
The next major support is near the $0.9150 level. A break below the $0.9150 level could open the door to a test of $0.900. The next major support is near the $0.880 level where the bulls may emerge.
technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now above the 50 level.
Key support levels – $0.9150 and $0.9000.
Key resistance levels – $0.9750 and $1.0000.