Cardano price started a fresh decline below the $0.3550 area. ADA is consolidating above $0.3400 and it could attempt a rebound.

  • ADA price started a decline below the $0.3500 support level.

  • The price is trading below $0.3520 and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source: Kraken).

  • If the pair sustains below the $0.3520 resistance, it is likely to continue its decline.

Cardano Price Consolidates Losses

Cardano struggled to continue higher after testing the $0.3680 resistance. ADA formed a short-term top and started a fresh decline like bitcoin and Ethereum. It broke below the $0.3550 and $0.3500 support levels.

The price even declined below $0.3450 before the bulls emerged. A low was formed at $0.3409 and the price is currently consolidating losses. The price slightly broke above the $0.3450 level. The price tested the 23.6% Fibonacci retracement level of the downward move from the $0.3681 high to $0.3409 low.

Cardano price is currently trading below $0.3520 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near the $0.3460 area. There is also a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

The first resistance is near the $0.3520 level, which is the 50% Fibonacci retracement level of the downward move from the $0.3681 high to $0.3409 low. The next key resistance could be $0.3550. If there is a close above the $0.3550 resistance, the price could start a strong recovery. In such a case, the price could move up to the $0.3680 area. If it rises further, the price could drop to $0.400.

Are there more downsides to the ADA?

If the Cardano price fails to clear the $0.3550 resistance, it is likely to decline again. An immediate support on the downside is near the $0.3420 level.

The next major support is near the $0.3400 level. A break below $0.3400 could open the doors for a test of $0.3250. The next major support is near the $0.3120 level, where the bulls are likely to emerge.

Technical indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.3400 and $0.3350.

Major Resistance Levels – $0.3460 and $0.3550.