Cardano price started a fresh decline from the $0.70 zone. ADA is now consolidating losses and at risk of more losses below the $0.60 level.
ADA price started a fresh decline below the $0.6850 and $0.650 levels.
The price is trading below $0.6550 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.660 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $0.70 resistance zone.
Cardano Price Dips Further
After a decent increase, Cardano faced resistance near the $0.70 zone. ADA formed a short-term top and recently started a fresh decline, like Bitcoin and Ethereum.
There was a move below the $0.6850 and $0.6650 levels. The bears were able to push the price below $0.6350. A low was formed at $0.6016 and the price is now consolidating losses. It is still below the 23.6% Fib retracement level of the downward wave from the $0.6769 swing high to the $0.6016 low.
Cardano price is now trading below $0.650 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.620 zone. The first resistance is near $0.640 and the 50% Fib retracement level of the downward wave from the $0.6769 swing high to the $0.6016 low.
The next key resistance might be $0.660. There is also a connecting bearish trend line forming with resistance at $0.660 on the hourly chart of the ADA/USD pair.
If there is a close above the $0.660 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.680 region. Any more gains might call for a move toward $0.70 in the near term.
More Losses in ADA?
If Cardano’s price fails to climb above the $0.660 resistance level, it could start another decline. Immediate support on the downside is near the $0.60 level.
The next major support is near the $0.5850 level. A downside break below the $0.5850 level could open the doors for a test of $0.550. The next major support is near the $0.50 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.6000 and $0.5850.
Major Resistance Levels – $0.6600 and $0.7000.
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