Cardano Price Consolidates Below $0.680 Amid Ongoing Downtrend
Cardano (ADA) Price Overview
- ADA price failed to recover above $0.70.
- Currently consolidating near $0.650, with risks of further losses.
- Trading below $0.680 and the 100-hourly simple moving average.
- Break below bullish trend line support at $0.6720 noted.
Recent Price Movement
Cardano initiated a recovery from $0.6350 but faced resistance above $0.70, reaching a high of $0.7090 before correcting downwards. A low of $0.6356 was established, with consolidation occurring near the 23.6% Fib retracement level of this decline. Current trading is below key resistance levels.
Resistance levels identified at:
- $0.6720
- $0.6950
- $0.7000
A close above $0.70 could trigger a rally towards $0.7420, with potential for further gains up to $0.7650.
Potential Downside Risks
If ADA does not surpass $0.6720, it may decline further. Immediate support is noted at:
- $0.6420
- $0.6350
A breach below $0.6350 could lead to testing $0.620, with major support around $0.60 where buying interest might emerge.
Technical Indicators
- MACD indicates decreasing momentum in the bearish zone.
- RSI is below 50, suggesting bearish sentiment.