Cardano (ADA) Faces Renewed Selling Pressure—More Pain Ahead?
Cardano Price started to drop from the $0.820 area. The ADA is now consolidating losses and there is more risk of losses below $0.7350.
- ADA Price started to drop below the $0.80 and $0.7650 levels.
- Prices trade below $0.7750 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair (Kraken’s data source), there is a connected bearish trend line with a resistance of $0.7620.
- If the couple clears the resistance zone of $0.7750, it may increase again.
Cardano price rises $0.750
After a nice growth, Cardano faces resistance around the $0.820 area. Ada has formed a short-term top, and has recently begun to decline and has performed poorly Bitcoin and Ethereum.
Below the $0.80 and $0.7650 levels. The Bears were able to raise the price below $0.750. The price is $0.7362 and now the price combines the loss. It is well below the 23.6% FIB retracement level of the $0.8191 drop moving from the 0.8191 selling price high to the 0.7362 low.
Cardano Price is now trading below the $0.7650 and the 100-hour simple moving average. On the plus side, the price could face resistance around the $0.750 area. The first resistor is close to $0.7620. On the hourly chart of the ADA/USD pair, there is also a connected bearish trend line with a resistance of $0.7620.
The trend line is close to the 50% FIB retracement level from the 0.8191 selling price high to the $0.7362 low. The next key resistance may be $0.7680. If you get close to the resistor at $0.7680, the price may start to gather strongly. In the case of statements, the price may rise toward the $0.80 region. In the short term, more gains may require a transfer towards $0.850.
More losses from ADA?
If Cardano’s price fails to climb above the $0.7620 resistance level, it may drop again. Immediately support is close to the $0.7350 level on the negative side.
The next major support is close to the $0.7320 level. A disadvantage below $0.7320 may open the door to a test of $0.7150. The next major support is close to the $0.70 that the Bulls may have appeared.
Technical Indicators
Hourly MACD – ADA/USD’s MACD is gaining momentum in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below level 50.
Main support levels – $0.7350 and $0.7150.
Major resistance levels – $0.7620 and $0.7680.
