Cardano Price Declines Below $0.70, Faces Potential Further Drop

Cardano (ADA) has begun a decline, trading below the $0.70 mark and showing potential for further losses.

ADA price dropped below $0.720 and $0.700.
Current trading is below $0.70 and the 100-hourly simple moving average.
A break occurred below a bullish trend line with support at $0.6840 on the ADA/USD hourly chart.
If it dips below the $0.650 support zone, further declines are likely.

Price Movement Overview

Recently, ADA fell below $0.750, contrasting with movements in Bitcoin and Ethereum. The price formed a low at $0.6626 and is currently consolidating losses.

Resistance levels include:

$0.6720 near the 23.6% Fib retracement level
$0.6825 or the 50% Fib retracement level
$0.6920 as the next key resistance

An upward movement above $0.6920 could lead to a rally towards $0.7350, potentially reaching $0.750.

Potential Further Decline

If ADA does not surpass $0.6825, another decline may occur. Immediate support is at $0.6625, with major supports at:

$0.650
$0.620
$0.60 where buying interest might increase

Technical indicators show bearish momentum, with MACD in the bearish zone and RSI below 50.