Cardano Price Declines Below $0.680 with Key Support at $0.620

Cardano (ADA) is experiencing a price decline, currently below the $0.680 mark and showing signs of struggling to maintain support at $0.620.

ADA fell below $0.70 and $0.680.
Price trading below $0.680 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $0.630 on the hourly chart.
A dip below $0.620 could lead to further declines.

Current Price Movement

Recently, Cardano dropped below $0.720, contrasting with Bitcoin and Ethereum's performance. It reached a low of $0.6134 before correcting slightly above $0.620 and $0.6350. The price is currently facing resistance around $0.6560, with potential key resistance at $0.6720, which aligns with the 50% Fibonacci retracement level from previous highs.

A close above $0.6720 could initiate a rally towards $0.70, with further gains targeting $0.7350.

Potential for Further Decline

If ADA fails to surpass $0.6720, it may face another drop. Immediate support levels are at $0.630 and $0.620. A break below $0.620 could lead to testing $0.60, with significant support at $0.5650.

Technical Indicators

Hourly MACD indicates bearish momentum. The RSI for ADA/USD is below the 50 level.

Major Support Levels: $0.630 and $0.620

Major Resistance Levels: $0.6560 and $0.6720