Cardano Price Decline

Cardano price has started a fresh decline from the $0.70 zone and is consolidating losses, risking further declines below the $0.60 level.

• ADA price saw a decline below the $0.6850 and $0.650 levels.
• Currently, it is trading below $0.6550 and the 100-hourly simple moving average.
• A bearish trend line is forming with resistance at $0.660 on the hourly chart of the ADA/USD pair (Kraken data source).
• A potential increase could occur if the price clears the $0.70 resistance zone.

Cardano Price Dips Further

After a significant rise, Cardano faced resistance near the $0.70 mark, forming a short-term top and initiating a decline similar to Bitcoin and Ethereum.

The price fell below $0.6850 and $0.6650, resulting in a further drop below $0.6350, with a low at $0.6016. Cardano is consolidating losses below the 23.6% Fib retracement level from the $0.6769 swing high to the $0.6016 low.

Currently, Cardano is trading below $0.650 and the 100-hourly simple moving average. Resistance is anticipated near the $0.620 zone, with initial resistance at $0.640 and the 50% Fib retracement level.

The next significant resistance might be at $0.660, coinciding with the bearish trend line on the hourly chart. If the price closes above this level, a rally could follow, potentially reaching the $0.680 area, even moving towards $0.70.

More Losses in ADA?

Conversely, if Cardano’s price fails to surpass the $0.660 resistance, further declines may occur. Immediate support is around the $0.60 level, with the next significant support at $0.5850. A break below $0.5850 could lead to a test of $0.550, and further declines may approach the $0.50 level, where buying support might emerge.

Technical Indicators

• Hourly MACD: Gaining momentum in the bearish zone.
• Hourly RSI: Currently below the 50 level.
• Major Support Levels: $0.6000 and $0.5850.
• Major Resistance Levels: $0.6600 and $0.7000.