Cardano price started a new fall under the $ 0.5750 zone. Ada is now consolidating and it may have difficulty staying above $ 0.550 support.
- ADA price started a new decrease of less than $ 0.580 and $ 0.5750.
- The price acts under $ 0.570 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance to $ 0.570 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple can start a new decline if it drops under the $ 0.550 support zone.
Cardano -Price is falling again
In the last few sessions, Cardano saw a new fall below $ 0.580, in contrast to Bitcoin and Ethereum. Ada even dropped below the $ 0.5750 level to enter a bearish zone.
The bears even pushed the price below the 23.6% FIB retracement level of the upward movement of the $ 0.5102 Swing low to $ 0.5938 High. The price was even under the support of $ 0,5520. There is also an important bearish trend line that forms with resistance at $ 0.570 on the hourly table of the ADA/USD pair.
Cardano price is now traded under $ 0.570 and the 100-hour simple advancing average. At the top the price can face the resistance to the $ 0.570 zone. The first resistance is almost $ 0.5850.
The next key resistance can be $ 0.5920. If there is an end above the $ 0.5920 resistance, the price can start a strong rally. In the case mentioned, the price could rise to the $ 0.620 region. More profits can ask for a movement to $ 0.6350 in the short term.
Another drop in Ada?
If the price of Cardano does not climb above the resistance level of $ 0,5850, this can start a new decrease. Immediate support on the disadvantage is close to the level of $ 0.5520 and the 50% FIB retracement level of the upward movement of the $ 0.5102 Swing Low to $ 0.5938 High.
The next major support is near the level of $ 0.530. A downward break below the $ 0.530 level could open the doors for a test of $ 0.5120. The next major support is near the level of $ 0.50 where the bulls can arise.
Technical indicators
MACD per hour – The MACD for ADA/USD is gaining strength in the bearish zone.
Picly RSI (Relative strength -Index) -The RSI for ADA/USD is now below the 50 -level level.
Important support levels – $ 0.5520 and $ 0.5300.
Important resistance levels – $ 0.5850 and $ 0.6000.