Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and could attempt a recovery wave.
- ADA price started a downward movement below the $0.3550 support level.
- The price is trading below $0.350 and the 100 hourly simple moving average.
- There is a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair (data feed from Kraken).
- The pair could continue to decline if it remains below the $0.360 resistance zone.
Cardano price falls again
After testing the $0.4150 resistance, Cardano struggled to continue rising. ADA formed a short-term high and started a new decline as bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.
The price even fell below $0.350 before the bulls appeared. A low was formed at $0.3360 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price tested the 23.6% Fibonacci retracement level of the downward move from the high of $0.3853 to the low of $0.3360.
Cardano price is now trading below $0.360 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.360 or the 50% Fibonacci retracement level of the downward move from the high of $0.3853 to the low of $0.3360. The next key resistance could be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the indicated case, the price could rise towards the $0.400 region. Any further gains could require a move towards $0.4150.
More disadvantages of the ADA?
If Cardano price fails to break above the $0.3500 resistance level, it could start another decline. Immediate downside support is near the $0.340 level.
The next major support is near the $0.3350 level. A downside break below the $0.3350 level could open the doors to a test of $0.3220. The next major support is near the $0.300 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: $0.3400 and $0.3350.
Main resistance levels: $0.3500 and $0.3600.
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