NewsBTC
28 February 2025
2 0

Cardano Price Declines Below $0.60 Amid Bearish Pressure

Cardano's price is experiencing a decline, currently consolidating losses and at risk of further drops below $0.60.

  • ADA has fallen below the $0.6850 and $0.650 levels.
  • Current trading is below $0.6550 and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $0.660 on the hourly chart.
  • A potential increase could occur if ADA clears the $0.70 resistance zone.

Price Trends

Cardano faced resistance around $0.70, leading to a decline. The price moved below $0.6850, reaching a low of $0.6016. It remains below the 23.6% Fib retracement level of the downward movement from $0.6769 to $0.6016.

The immediate resistance levels are near $0.620 and $0.640, with further resistance at $0.660 due to the bearish trend line.

Cardano Price

If Cardano fails to surpass $0.660, it may decline further, with immediate support at $0.60 and major support at $0.5850. A drop below $0.5850 could lead to testing the $0.550 and $0.50 levels.

Technical Indicators

  • MACD is gaining momentum in the bearish zone.
  • RSI is below 50.
  • Major support levels are $0.6000 and $0.5850.
  • Major resistance levels are $0.6600 and $0.7000.