Cardano price started a downward correction below the $1.00 zone. ADA is consolidating and facing hurdles around the USD 0.920 and USD 0.950 levels.
- ADA price started a downward move below the $1.00 support zone.
- The price is trading below $0.950 and the 100-hour simple moving average.
- A connecting bearish trendline is forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (Kraken data source).
- The pair could start rising again if it breaks the $0.950 resistance zone.
Cardano price starts to fall again
After struggling to break the $1.00 resistance zone, Cardano started a new decline, just like Bitcoin and Ethereum. ADA fell below the USD 0.9650 and USD 0.950 support levels.
The recent high was formed at $0.9495 before the price fell. There was a move below the $0.920 support level. The price fell below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.
Cardano price is now trading below $0.925 and the 100-hour moving average. On the upside, the price could encounter resistance near the $0.920 zone. A connecting bearish trendline is also forming with resistance at $0.92 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.9350. The next major resistance could be at USD 0.950. If there is a close above the USD 0.950 resistance, the price could start a strong rally. In the mentioned case, the price could rise towards the $1.00 region. Any further gains could require a move towards $1,050 in the near term.
More losses in ADA?
If Cardano price fails to rise above the USD 0.920 resistance level, it could trigger a fresh decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.
The next major support is near the $0.865 level. A downside break below the USD 0.8650 level could open the doors for a test of USD 0.820. The next major support is near the $0.8050 level, where the bulls could emerge.
Technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major support levels – $0.8950 and $0.8650.
Major resistance levels – $0.920 and $0.950.
