Cardano (ADA) Struggles: Can Bulls Prevent Further Losses?
Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave.
ADA price started a downward move below the $0.3550 support level.
The price is trading below $0.350 and the 100-hourly simple moving average.
There is a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move down if it stays below the $0.360 resistance zone.
Cardano Price Dips Again
After testing the $0.4150 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.
The price even declined below $0.350 before the bulls appeared. A low was formed at $0.3360 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low.
Cardano price is now trading below $0.360 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.360 or the 50% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low. The next key resistance might be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.400 region. Any more gains might call for a move toward $0.4150.
More Downsides in ADA?
If Cardano’s price fails to climb above the $0.3500 resistance level, it could start another decline. Immediate support on the downside is near the $0.340 level.
The next major support is near the $0.3350 level. A downside break below the $0.3350 level could open the doors for a test of $0.3220. The next major support is near the $0.300 level where the bulls might 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 – $0.3400 and $0.3350.
Major Resistance Levels – $0.3500 and $0.3600.
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