Cardano Price Declines Below $1.00 Amid Ongoing Struggles

Cardano (ADA) has experienced a decline, trading below the $1.00 mark and struggling to regain momentum.

Price started declining from $1.020.
Currently trading below $1.00 and the 100-hourly simple moving average.
Key bullish trend line broke with support at $0.9750 on the ADA/USD hourly chart.
Recent low formed at $0.91645; slight recovery observed above $0.9220.
Resistance levels to watch: $0.9350 (23.6% Fib retracement) and $0.9550 (50% Fib retracement).
Potential rally if closing occurs above $0.9680.

Price Outlook

If unable to surpass $0.9350, another decline is likely. Immediate support near $0.9160 and major support at $0.90 could lead to testing lower levels around $0.8650 and $0.8450.

Technical indicators show:

MACD losing momentum in bearish territory.
RSI below 50.