Cardano (ADA) at Risk: Breakdown Signal Suggests Further Decline
Cardano price started a fresh decline from the $1.00 zone. ADA is consolidating and might continue to move down below the $0.9350 support.
- ADA price started a fresh decline from the $1.00 zone.
- The price is trading below $0.950 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another decline if it trades below the $0.9350 support zone.
Cardano Price Turns Red
After struggling to stay above the $1.00 level, Cardano started a fresh decline unlike Bitcoin and Ethereum . ADA declined below the $0.9650 and $0.950 support levels.
There was a clear move below the $0.950 support zone. Besides, there was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high.
Cardano price is now trading below $0.950 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.950 zone. The first resistance is near $0.9650.
Source: ADAUSD on TradingView.comThe next key resistance might be $0.9880. If there is a close above the $0.9880 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $0.950 resistance level, it could start another decline. Immediate support on the downside is near the $0.940 level and the 100-hourly simple moving average.
The next major support is near the $0.9350 level or the 61.8% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high. A downside break below the $0.9350 level could open the doors for a test of $0.9040. The next major support is near the $0.8550 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.9400 and $0.9350.
Major Resistance Levels – $0.9500 and $0.9880.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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