Cardano (ADA) Struggle Persists—Is a Rebound Still Possible?
Cardano Price starts with a new drop in the area below $0.720. ADA is correcting some losses that may approach resistance at the $0.7750 level.
- Ada Price started the recovery wave from the $0.650 area.
- Prices trade below $0.720 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 $0.7050.
- If the pair clears the $0.720 resistance zone, the couple may increase again.
Cardano price faces obstacles
Cardano in the past few days Bitcoin and Ethereum. ADA fell below the $0.750 and $0.720 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 $0.6950 and $0.70 levels. From 0.8170 to a low of $0.6495, the price is even higher than the 50% FIB retracement level above the 50% FIB retracement level.
Cardano Price is now trading below the $0.720 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is also a connected bearish trend line with a resistance of $0.7050.
On the plus side, the price could face resistance around the $0.7050 area. The first resistor is close to $0.7520, or a 61.8% FIB retracement level from the 0.8170 price high to the 0.6495 low of $0.6495. The next key resistance may be $0.7750.
If you get close to the resistor at $0.7750, 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.
Another game of ADA?
If Cardano’s price fails to climb above the $0.720 resistance level, it may drop again. Immediately support on the negative side approaching the $0.6880 level.
The next major support is close to $0.650. A disadvantage below $0.650 may open the door to a test of $0.6350. The next major support is close to the $0.620 that the Bulls may have appeared.
Technical Indicators
Hourly MACD – ADA/USD’s MACD lost momentum in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now below level 50.
Main support levels – $0.6880 and $0.6500.
Major resistance levels – $0.7520 and $0.7750.
