Cardano Price Declines Below $0.720, Faces Resistance at $0.7050
Cardano (ADA) Price Update
- ADA price declined below $0.720 and is currently correcting from a low of $0.6495.
- The price is trading below the 100-hourly simple moving average.
- A bearish trend line with resistance at $0.7050 is forming on the hourly chart.
- Resistance levels are at $0.7520 (61.8% Fib retracement) and $0.7750.
- Immediate support is at $0.6880, followed by $0.6500.
- A drop below $0.650 could lead to testing $0.6350 or $0.620.
The ADA price's potential recovery may face significant resistance near the $0.720 level. A close above $0.7750 could trigger a rally toward $0.80 and possibly $0.850.
Technical indicators show that the MACD is losing momentum in the bearish zone, and the RSI is below 50, indicating bearish sentiment.