Cardano's price begins a downward correction below the $1.00 area. ADA is consolidating and facing resistance around $0.920 and $0.950.
ADA price begins to drop below the $1.00 support area.
Price is below $0.950 and the 100-hour simple moving average.
There is a connecting bearish trend line forming on the hourly chart for the ADA/USD pair, with resistance at $0.92 (data source from Kraken).
If the pair breaks through the $0.950 resistance zone, it may begin to rise again.
Cardano price begins a new decline
After struggling to clear the $1.00 resistance zone, Cardano has begun a new decline, similar to Bitcoin and Ethereum. ADA has broken below the $0.9650 and $0.950 support levels.
Before the price dropped, the most recent high was formed at $0.9495. Breaking below the $0.920 support level. The price drops below the 0.8628% Fibonacci retracement level moving up from the swing low of $0.50 to the swing high of $0.9495.
Cardano's price is now trading below $0.925 and the 100-hour simple moving average. On the positive side, the price may face resistance near the $0.920 area. There is also a connecting bearish trend line forming on the hourly chart for the ADA/USD pair, with resistance at $0.92.
Source: ADAUSD on TradingView.com
The first resistance level is around $0.9350. The next key resistance level might be $0.950. If the closing price is above the $0.950 resistance level, the price may start a strong rebound. In that case, the price could rise to the $1.00 area. Any further increase may require a move towards $1.050 in the short term.
More losses for ADA?
If Cardano's price fails to rise above the $0.920 resistance level, it may begin another decline. The immediate support level on the downside is at $0.8950 or around the 61.8% Fibonacci retracement level from the swing low of $0.8628 to the swing high of $0.9495.
The next major support level is around $0.865. A break below the $0.8650 level could open the door to test the $0.820 level. The next major support level is around $0.8050, where bulls may appear.
Technical Indicators
Hourly MACD - The MACD for ADA/USD gains momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for ADA/USD is now below the 50 level.
Major support levels - $0.8950 and $0.8650.
Major resistance levels - $0.920 and $0.950.
