Cardano price started a new decline below the $0.3550 area. ADA is consolidating above $0.3400 and may attempt a recovery.
- ADA price started a decline below the $0.3500 support level.
- The price is trading below $0.3520 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 $0.3460 (data source from Kraken).
- If it stays below the $0.3520 resistance zone, the pair may continue to fall.
Cardano price consolidates losses
After testing $0.3680 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 $0.3550 and $0.3500 support levels.
The price also fell below $0.3450 before the upward trend took place. A low was formed at $0.3409 and the price is currently consolidating losses. There was slight movement above the $0.3450 level. The price tested the 23.6% Fib retracement level moving down from the $0.3681 swing high to the $0.3409 low.
Cardano price is currently trading below $0.3520 and the 100-hour simple moving average. On the positive side, the price may face resistance near $0.3460. On the hourly chart of the ADA/USD pair, there is also a major bearish trendline forming with resistance at $0.3460.
First resistance is the 50% Fib retracement level near $0.3520 or a downside move from the $0.3681 swing high to the $0.3409 low. The next major resistance could be at $0.3550. If the price closes above the $0.3550 resistance, the price could begin a strong rally. If indicated, the price may rise to the $0.3680 region. Any more profits may require a move to $0.400.
Are there any more downsides to ADA?
If Cardano’s price fails to break above the $0.3550 resistance level, another decline could begin. Immediate support for the downside is near the $0.3420 level.
The next major support is near the $0.3400 level. A break below the $0.3400 level could open the door to a test of $0.3250. The next major support is near the $0.3120 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 – $0.3400 and $0.3350.
Key resistance levels – $0.3460 and $0.3550.