Cardano Price Declines Below $1.00 Amidst Resistance Challenges
Cardano (ADA) price has begun a downside correction, trading below the $1.050 zone and facing resistance near $1.020 and $1.040.
- ADA price declined below the $1.020 support level.
- Current trading is below $1.00 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair may increase if it surpasses the $1.020 resistance zone.
Cardano Price Faces Selling Pressure
After failing to breach the $1.120 resistance zone, Cardano's price began declining, similar to Bitcoin and Ethereum. ADA fell below $1.10 and $1.050 support levels.
The price dropped to a low of $0.9151 but has since consolidated losses with a minor increase above the $0.940 resistance level. This movement cleared the 23.6% Fibonacci retracement level from the $1.1113 swing high to the $0.9151 low.
ADA is currently trading below $1.00 and the 100-hourly simple moving average, with potential resistance near the $1.00 zone. The first significant resistance is around $1.020.
A bearish trend line with resistance at $1.015 is also present on the hourly chart, aligning with the 50% Fibonacci retracement level from the previous decline.
Key resistance may be found at $1.050. A close above this level could lead to a rally toward $1.0650, potentially targeting $1.10 thereafter.
Another Decline in ADA?
If Cardano’s price does not exceed the $1.020 resistance, another decline may occur. Immediate support is near $0.9450.
The next major support level is around $0.920. A break below $0.920 could lead to testing $0.90, with further support near $0.8650 where buying interest may emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently below the 50 level.
Major Support Levels – $0.9450 and $0.9200.
Major Resistance Levels – $1.020 and $1.050.