Cardano price began a downward correction below the $1.00 zone. ADA is consolidating and facing headwinds near the $0.920 and $0.950 levels.
- The price of ADA began moving lower below the $1.00 support zone.
- The price is trading below $0.950 and the 100-hour simple moving average.
- On the hourly chart of ADA/USD (data source from Kraken), a bearish connecting line is forming with resistance at $0.92.
- The pair could start a new rise if it breaks through the $0.950 resistance zone.
Cardano price began a new decline
After trying to break through the $1.00 resistance zone, Cardano began a new decline, as did Bitcoin and Ethereum. ADA fell below the support levels of $0.9650 and $0.950.
The recent high was formed at $0.9495 before the price fell back. There was a movement below the support level of $0.920. The price fell below the 50% Fibonacci retracement level of the upward move from the $0.8628 swing low to $0.9495 high.
Cardano price is currently trading below $0.925 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $0.920 zone. On the hourly chart of the ADA/USD pair, a bearish trend connecting line is also forming with resistance at $0.92.
The first resistance is at $0.9350. The next key resistance could be $0.950. If the close is above the $0.950 resistance, the price could start to rise strongly. In this case, the price may rise to the level of $1.00. Any further rise may require a move towards $1,050 in the near future.
More losses in ADA?
If Cardano price fails to rise above the $0.920 resistance level, it could start another decline. The immediate downside support is near the $0.8950 level or the 61.8% Fibonacci retracement level of the upside move from the $0.8628 swing low to $0.9495 swing high.
The next major support is near the $0.865 level. A break below $0.8650 could open the door to a test of $0.820. The next major support is near the $0.8050 level, where 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 currently below the 50 level.
The main support levels are $0.8950 and $0.8650.
The main resistance levels are $0.920 and $0.950.