#AMA

Cardano Price Starts Fresh Decline

After struggling to clear the $1.00 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $0.9650 and $0.950 support levels.

The recent high was formed at $0.9495 before the price dipped. There was a move below the $0.920 support level. The price declined below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high.

Cardano price is now trading below $0.925 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.920 zone. There is also a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair.