Cardano (ADA) Under Pressure: Struggles to Reclaim Lost Ground
Cardano price started a fresh decline below the $0.9550 zone. ADA is consolidating and might struggle to start a fresh increase above the $1.00 level.
- ADA price started a fresh decline from the $1.0350 zone.
- The price is trading near $0.950 and the 100-hourly simple moving average.
- There was a break above a short-term bearish trend line with resistance at $0.9560 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.00 resistance zone.
Cardano Price Attempts Recovery Wave
After struggling to stay above the $1.00 level, Cardano started a fresh decline like Bitcoin and Ethereum . ADA declined below the $0.9550 and $0.9500 support levels.
It even spiked below $0.900. A low was formed at $0.8769 and the price is now attempting to recover. There was a move above the $0.9150 level. The price cleared the 23.6% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low.
There was a break above a short-term bearish trend line with resistance at $0.9560 on the hourly chart of the ADA/USD pair. Cardano price is now trading below $0.9650 and the 100-hourly simple moving average.
On the upside, the price might face resistance near the $0.9550 zone. It is near the 50% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low. The first resistance is near $0.9750. The next key resistance might be $1.00.
Source: ADAUSD on TradingView.comIf there is a close above the $1.00 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.050 region. Any more gains might call for a move toward $1.120 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $0.9550 resistance level, it could start another decline. Immediate support on the downside is near the $0.9320 level.
The next major support is near the $0.9150 level. A downside break below the $0.9150 level could open the doors for a test of $0.900. The next major support is near the $0.880 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.9150 and $0.9000.
Major Resistance Levels – $0.9750 and $1.0000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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