Cardano price started a new fall under the $ 0.720 zone. ADA corrects some losses and can undergo resistance near the level of $ 0.7750.
- ADA price started a recovery wave from the $ 0.650 zone.
- The price acts under $ 0.720 and the 100-hour simple advancing average.
- There is a connecting Bearish trend line that forms with resistance at $ 0.7050 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple could start another increase if it knew the $ 0.720 resistance zone.
Cardano -Price is confronted with obstacles
In recent days, Cardano saw a bearish wave below the level of $ 0.7750, such as Bitcoin and Ethereum. ADA fell under the support levels of $ 0.750 and $ 0.720.
Finally, it tested the $ 0.650 zone. A layer was formed at $ 0.6495 and the price has recently started a recovery wave. The price climbed above the level of $ 0.6950 and $ 0.70. The price was even above the 50% FIB retracement level of the downward movement of the $ 0.8170 Swing high to $ 0.6495 Low.
Cardano price is now traded under $ 0.720 and the 100-hour simple advancing average. There is also a connecting Bearish trend line that forms with resistance at $ 0.7050 on the hourly table of the ADA/USD pair.
At the top the price can resist the $ 0.7050 zone. The first resistance is almost $ 0.7520 or the FIB retracement level of 61.8% of the downward movement of the $ 0.8170 Swing high to the low $ 0.6495. The next key resistance can be $ 0.7750.
If there is an end above the $ 0.7750 resistance, the price can start a strong rally. In the case mentioned, the price could rise to the $ 0.80 region. More profits can ask for a movement for $ 0.850 in the short term.
Another drop in Ada?
If the price of Cardano does not climb above the resistance level of $ 0.720, this can start a new decrease. Immediate support on the disadvantage is near the level of $ 0.6880.
The next major support is near the level of $ 0.650. A downward break below the level of $ 0.650 could open the doors for a test of $ 0.6350. The next major support is near the level of $ 0.620 where the bulls could arise.
Technical indicators
Hourly MacD – The MACD for ADA/USD loses Momentum in the bearish zone.
Picly RSI (Relative strength -Index) -The RSI for ADA/USD is now below the 50 -level level.
Important support levels – $ 0.6880 and $ 0.6500.
Important resistance levels – $ 0.7520 and $ 0.7750.
