Cardano Price Consolidates Below $0.8980 Resistance Level

Cardano (ADA) price is experiencing a decline, facing resistance at $0.880 and $0.8980.

Price fell below the $0.920 support zone.
Currently trading under $0.90 and the 100-hourly simple moving average.
A contracting triangle is forming with resistance at $0.8720.
Potential increase if it surpasses the $0.880 resistance level.

Current Price Action

After reaching $0.9650, ADA began a correction similar to trends in other cryptocurrencies. It dropped below $0.920 and $0.900, eventually hitting a low of $0.830.

Minor recovery above the 23.6% Fib retracement level occurred after this decline.

Resistance and Support Levels

Price is encountering resistance near:

$0.8720
$0.880
$0.8980 (50% Fib retracement level)

Closing above $0.8980 could lead to a rally toward $0.9320 or $0.9650. Conversely, failing to break through $0.8980 may trigger a further decline.

Support Levels

Immediate support levels are:

$0.850
$0.830

A drop below $0.830 could push the price down to $0.8120, with $0.80 being another significant support level.

Technical Indicators

Hourly MACD indicates losing momentum in the bearish zone.
RSI is below 50.