Cardano price started a downward correction below the $1.00 zone. ADA is consolidating and facing obstacles near the $0.920 and $0.950 levels.
- ADA price started a downward movement below the $1.00 support zone.
- The price is trading below $0.950 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (data feed from Kraken).
- The pair could start another rise if it breaks the $0.950 resistance zone.
Cardano price begins a new decline
After struggling to break above the $1.00 resistance zone, Cardano began a fresh decline, as bitcoin and Ethereum. ADA fell below the $0.9650 and $0.950 support levels.
The recent high was formed at $0.9495 before the price fell. There was a move below the $0.920 support level. The price fell below the 50% Fibonacci retracement level of the upward move from the low of $0.8628 to the high of $0.9495.
Cardano price is now trading below $0.925 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $0.920 zone. There is also a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.9350. The next key resistance could be $0.950. If there is a close above the $0.950 resistance, the price could start a strong rally. In the indicated case, the price could rise towards the $1.00 region. Any further gains could require a move towards $1,050 in the near term.
More losses in ADA?
If Cardano price fails to break above the $0.920 resistance level, it could start another decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fibonacci retracement level of the upward move from the low of $0.8628 to the high of $0.9495.
The next major support is near the $0.865 level. A downside break below the $0.8650 level could open the doors to a test of $0.820. The next major support is near the $0.8050 level, where the bulls could 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.
Main support levels: $0.8950 and $0.8650.
Main resistance levels: $0.920 and $0.950.
Fountain: NewsBTC.com
