Cardano Price Declines Below $0.640 with Resistance at $0.6350

Cardano (ADA) is experiencing a decline, trading around $0.620 and facing potential further losses.

Price recovery initiated from $0.5850.
Currently below $0.640 and the 100-hourly simple moving average.
A bearish trend line forms resistance at $0.6350 on the hourly chart.
Clearing $0.640 may lead to another price increase.

Current Price Trends

Cardano's price dropped from $0.680, breaching support levels of $0.650 and $0.640. A low of $0.6040 was recorded, with consolidation occurring above $0.6120.

Resistance is seen near:

$0.6260
$0.6350 (key level)
$0.6480 (potential rally point)

The price could hit $0.680 if it closes above $0.6480.

Potential for Further Decline

If the resistance at $0.6350 holds, ADA may drop further. Immediate support is at $0.6040, with major support levels at:

$0.60
$0.580
$0.5550 (possible bullish reversal zone)

Technical indicators show:

Hourly MACD trending bearish
RSI below 50