The price of Cardano has begun a new round of decline.
After struggling to break through the $1.00 resistance zone, Cardano has begun to decline again like Bitcoin and Ethereum. ADA has broken below the support levels of $0.9650 and $0.950.
Recent highs formed at $0.9495, after which the price began to decline. It broke below the $0.920 support level. The price has fallen below the 50% Fibonacci retracement level of the upward move from the swing low of $0.8628 to the high of $0.9495.
The price of Cardano is currently below $0.925 and the 100-hour simple moving average. On the upside, the price may face resistance around the $0.920 area. A bearish trend line has also formed on the hourly chart for ADA/USD, with resistance at $0.92.
The first resistance level is around $0.9350. The next key resistance level may be $0.950. If the closing price is above the $0.950 resistance level, the price could start a strong rebound. In this case, the price may rise to the $1.00 area. If there is further upward movement, it could briefly fall to $1.050.
Is ADA suffering heavy losses?
If Cardano's price fails to break through the $0.920 resistance level, it may decline again. The direct support level on the downside is around $0.8950, which is the 61.8% Fibonacci retracement level of the upward move from the swing low of $0.8628 to the high of $0.9495.
The next major support level is around $0.865. If it breaks below $0.8650, it may test $0.820. The next major support level is around $0.8050, where bulls may appear.