Cardano Price Declines Below $1.00, Faces Resistance at $0.920

Cardano price is undergoing a correction below the $1.00 zone, facing resistance near $0.920 and $0.950.

ADA price has declined below the $1.00 support level.
The current trading price is under $0.950 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (data from Kraken).
A potential increase may occur if the price surpasses the $0.950 resistance zone.

Cardano Price Decline

Cardano began a decline after failing to break through the $1.00 resistance, similar to movements observed in Bitcoin and Ethereum. ADA dropped below the $0.9650 and $0.950 support levels.

The recent high was $0.9495 before the price decreased, dropping below the $0.920 support level and the 50% Fibonacci retracement level of the upward move from $0.8628 to $0.9495.

Currently, Cardano is trading below $0.925 and the 100-hourly simple moving average. Resistance is anticipated near the $0.920 zone, coinciding with a bearish trend line on the hourly chart of the ADA/USD pair.

The initial resistance is around $0.9350, followed by $0.950. A close above $0.950 could trigger a significant rally, potentially reaching the $1.00 region, with further gains possibly targeting $1.050.

Potential Further Losses for ADA

If Cardano fails to exceed the $0.920 resistance, another decline may follow. Immediate support is near $0.8950 or the 61.8% Fibonacci retracement level from $0.8628 to $0.9495.

The next major support is around $0.865. A breach below this level could lead to a test of $0.820, with additional support near $0.8050 where buying interest may emerge.

Technical Indicators

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Currently below the 50 level.
Major Support Levels: $0.8950 and $0.8650.
Major Resistance Levels: $0.920 and $0.950.