Cardano (ADA) Pulls Back, Will Bears Push It Lower Again?
Cardano price started a downside correction from the $1.020 zone. ADA is now showing some bearish signs and might decline toward $0.80.
- ADA price started a downside correction below the $0.920 support zone.
- The price is trading below $0.90 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.940 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could extend losses if it trades below the $0.80 region.
Cardano Price Trims Gains
After a steady increase, Cardano faced sellers above the $1.00 level started a fresh decline, like Bitcoin and Ethereum. ADA traded below the $0.950 and $0.920 support levels.
There was a move below the $0.90 support. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.7650 swing low to the $1.020 high. There is also a key bearish trend line forming with resistance at $0.940 on the hourly chart of the ADA/USD pair.
Cardano price is now trading below $0.90 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.880 zone.
The first resistance is near $0.8920. The next key resistance might be $0.940. If there is a close above the $0.940 resistance and the trend line, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.
More Losses In ADA?
If Cardano’s price fails to climb above the $0.940 resistance level, it could start another decline. Immediate support on the downside is near the $0.840 level.
The next major support is near the $0.8250 level and the 76.4% Fib retracement level of the upward move from the $0.7650 swing low to the $1.020 high. A downside break below the $0.8250 level could open the doors for a test of $0.80. The next major support is near the $0.780 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 – $0.8400 and $0.8250.
Major Resistance Levels – $0.9200 and $0.9400.
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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