Cardano’s value has initiated a recent decline below the $1.050 threshold. ADA is currently consolidating and may encounter difficulty in initiating a new upsurge above the $1.0250 mark.
- ADA’s value began a new decline from the $1.150 area.
- Trading below $1.0550, the price is also below the 100-hourly simple moving average.
- On the hourly chart of the ADA/USD pair (data sourced from Kraken), a bearish trend line is forming with resistance at $1.040.
- If the pair surpasses the $1.050 resistance zone, it could potentially start another upswing.
Challenges Ahead for Cardano Price
Following its struggle to remain above $1.150, Cardano experienced a fresh downturn unlike Bitcoin and Ethereum. ADA dipped below the $1.050 and $1.0350 support levels.
The price even dropped below $1.00, hitting a low of $0.9615 before attempting to bounce back. It managed to exceed the $0.990 level and cleared the 23.6% Fib retracement level from its recent downward movement.
Cardano’s current value remains below $1.050 and the 100-hourly simple moving average. Potential resistance lies around the $1.0250 mark, near the 50% Fib retracement level of the recent downward trend.
The initial resistance is at $1.050, while a bearish trend line with resistance at $1.040 has formed on the hourly chart for the ADA/USD pair. The following significant resistance could be at $1.0880. A breakthrough above this level may trigger a substantial rally.
If the price continues to rise, it could target the $1.120 area, possibly aiming for $1.1520 in the near future.
Possible Downward Trend in ADA?
If Cardano fails to surpass the $1.050 resistance level, another decline might ensue. Immediate support is located around $0.980.
The subsequent significant support hovers near $0.9650, and a breach below it could pave the way for a test at $0.9200. Bulls might step in near the $0.880 level to provide support.
Technical Indicators
Hourly MACD – ADA/USD’s MACD is indicating a decline in bearish momentum.
Hourly RSI (Relative Strength Index) – ADA/USD’s RSI is currently below the 50 level.
Key Support Levels – $0.980 and $0.9650.
Key Resistance Levels – $1.0250 and $1.0500.
