Cardano price started to correct down below the $1.00 range. ADA is consolidating and facing barriers near the $0.920 and $0.950 levels.
- The price of ADA started to move down below the $1.00 support area.
- 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 source from Kraken).
- Both could initiate another rally if it clears the $0.950 protection zone.
Cardano price starts a new decline
After struggling to clear the $1.00 defensive zone, Cardano began a fresh decline, as Bitcoin and Ethereum. ADA declined below the $0.9650 and $0.950 support levels.
The highest value of the OYE share was 0.94 US dollars. There was a move below the $0.920 support level. The price dropped below the 50% Fib level of the move up from the $0.8628 swing low to the $0.9495 high.
The price of Cardano is now trading below $0.925 and the 100-hour simple moving average. On the upside, the price may face resistance near the $0.920 range. 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 major resistance may be $0.950. If there is a close above the $0.950 resistance, the price could start a strong rally. In the mentioned case, the price could rise towards the area $ 1.00. Any further gains could lead to a move towards $1.050 in the short term.
More losses in ADA?
If the price of Cardano does not climb above the resistance level of $0.920, it could start another decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fib level of the move up from the $0.8628 swing low to the $0.9495 high.
The next major support is near the $0.865 level. A break below the $0.8650 level could open the doors for 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 moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.8950 and $0.8650.
Key Resistance Levels – $0.920 and $0.950.
