Cardano price started a fresh decline below the $0.70 zone. ADA is now consolidating and might aim to decline further below the $0.650 zone.
ADA price began its decline below $0.720 and $0.700, trading below $0.70 and the 100-hourly simple moving average. There was a break below a bullish trend line with support at $0.6840 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start a fresh decline if it dips below the $0.650 support zone.
In the past few days, Cardano saw a fresh decline below the $0.750, unlike Bitcoin and Ethereum. ADA even declined below the $0.70 level, entering a bearish zone.
A break below the bullish trend line with support at $0.6840 was noted on the hourly chart of the ADA/USD pair. The bears pushed the price below the $0.70 level, forming a low at $0.6626, and the price is currently consolidating losses.
Cardano price is now trading below $0.70 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.6720 zone, close to the 23.6% Fib retracement level of the recent decline from the $0.7026 swing high to the $0.6626 low.
The first resistance is near $0.6825, or the 50% Fib retracement level of the recent decline from the $0.7026 swing high to the $0.6626 low. The next key resistance may be at $0.6920.
If there is a close above the $0.6920 resistance, the price could start a strong rally, potentially rising toward the $0.7350 region. Any further gains might lead to a move toward $0.750 in the near term.
If Cardano’s price fails to climb above the $0.6825 resistance level, it could begin another decline. Immediate support on the downside is near the $0.6625 level, with the next major support at $0.650.
A downside break below the $0.650 level could open the doors for a test of $0.620, with the next major support around the $0.60 level where bulls might emerge.
Technical indicators show that the hourly MACD for ADA/USD is gaining momentum in the bearish zone. The hourly RSI (Relative Strength Index) for ADA/USD is now below the 50 level.
Major support levels are at $0.650 and $0.620, while major resistance levels are at $0.6825 and $0.700.
