Cardano price started a fresh decline below the $1.00 zone. ADA is consolidating and might struggle to start a fresh increase above the $1.00 level.
- ADA price started a fresh decline from the $1.020 zone.
- The price is trading below $1.00 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at $0.9750 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.00 resistance zone.
Cardano Price Settles Below $1.00
After struggling to stay above the $1.050 level, Cardano started a fresh decline unlike Bitcoin and Ethereum. ADA declined below the $1.00 and $0.9750 support levels.
There was a break below a key bullish trend line with support at $0.9750 on the hourly chart of the ADA/USD pair. The pair even traded below the $0.920 support. A low was formed at $0.91645 and the price is now attempting to recover. There was a move above the $0.9220 level.
Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.9350 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.9998 swing high to the $0.9164 low.
The first resistance is near $0.9550 or the 50% Fib retracement level of the downward move from the $0.9998 swing high to the $0.9164 low. The next key resistance might be $0.9680. If there is a close above the $0.9680 resistance, the price could start a strong rally.
In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $0.9350 resistance level, it could start another decline. Immediate support on the downside is near the $0.9160 level.
The next major support is near the $0.90 level. A downside break below the $0.90 level could open the doors for a test of $0.8650. The next major support is near the $0.8450 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.9160 and $0.9000.
Major Resistance Levels – $0.9350 and $0.9680.
