Cardano Price Consolidates Near $0.60, Faces Key Resistance

Cardano (ADA) is consolidating near $0.60 after a recovery from the $0.510 zone, but it remains susceptible to further losses.

ADA began recovering from a low of $0.5106.
Current trading is below $0.620 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $0.60 on the hourly chart.
If ADA clears the $0.60 resistance, it may rise towards $0.680.

Price Overview

Recently, Cardano fell below key support levels of $0.550 and $0.540. A recovery above $0.540 and $0.5550 occurred, with a move past the 50% Fibonacci retracement level from a recent decline. Resistance is noted at:

$0.600
$0.610 (61.8% Fib retracement)
$0.6320

A close above $0.6320 could trigger a significant rally toward $0.70.

Potential for Decline

If ADA does not surpass the $0.60 resistance, it may decline again. Immediate support is at $0.5680, followed by major supports at:

$0.5550
$0.5320
$0.50

Technical Indicators:

MACD shows decreasing momentum in the bearish zone.
RSI is above the 50 level.