Cardano Struggles to Climb—ADA Faces Strong Hurdles Ahead
Cardano Price starts with a new drop in the area below $0.75. The ADA is correcting some losses and may face resistance at the $0.750 level.
- Ada Price started the recovery wave from the $0.650 area.
- Prices trade below $0.750 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair (Kraken’s data source), there is a short-term bearish trend line forming with a resistance of $0.720.
- If the couple clears the $0.750 resistance zone, the couple may increase again.
Cardano price rises
Cardano in the past few days Bitcoin and Ethereum. ADA fell below the $0.750 and $0.70 support levels.
Finally, it tested the $0.650 area. The low price is $0.6495, and the price has recently begun a wave of recovery. Prices rose above the $0.680 and $0.70 levels. Price tested the 50% FIB retracement level from the 0.8169 selling price high to 0.6495 $0.6495 low.
In the hourly table of the ADA/USD pair, there is a short-term bearish trend line forming with a resistance of $0.720. Cardano Price is now trading below the $0.80 and the 100-hour simple moving average.
On the plus side, the price could be near the $0.750 FIB retracement level in the $0.8169 area, moving from the $0.8169 swing to the $0.6495 low. The first resistor is close to $0.7750. The next key resistance may be $0.80.
If there is a resistor above $0.80, the price may start to gather strongly. Under the prescribed circumstances, prices may rise toward the $0.950 region. In the short term, more gains may require a transfer towards $1.00.
Another decline in ADA?
If Cardano’s price can’t climb above the $0.750 resistance level, it may drop again. Immediately support on the negative side approaching the $0.7150 level.
The next major support is close to the $0.6880 level. Downside breaks below the $0.6880 level may open the door, test $0.650. The next major support is close to the 0.6320 level that the Bulls may appear.
Technical Indicators
Hourly MACD – ADA/USD’s MACD has lost momentum in bullish areas.
Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below level 50.
Main support levels – $0.7150 and $0.6880.
Major resistance levels – $0.7500 and $0.7750.
