Cardano price started a recovery wave above $ 0.680 zone but failed. Ada consolidates almost $ 0.650 and continues to run the risk of more losses.
- The ADA price could not recover above the $ 0.70 resistance zone.
- The price acts under $ 0.680 and the 100-hour simple advancing average.
- There was a break under a connecting bullish trend line with support at $ 0.6720 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple could start another increase if it knew the $ 0.70 resistance zone.
Cardano -Price is falling again
In recent days, Cardano saw a recovery wave from the $ 0.6350 zone, such as Bitcoin and Ethereum. Ada was able to climb above the resistance levels of $ 0.680 and $ 0.6880.
However, the bears were active above $ 0.70 zone. A high was formed at $ 0.7090 and the price corrected the most profit. There was a movement below the level of $ 0.650. By the way, there was a break under a connecting bullish trend line with support for $ 0.6720 on the hourly table of the ADA/USD pair.
A low point was formed at $ 0.6356 and the price now consolidates losses near the 23.6% FIB retracement level of the recent decrease of the $ 0.7090 Swing high to $ 0.6356 low. Cardano price is now traded under $ 0.680 and the 100-hour simple advancing average.
At the top, the price facial resistance near the $ 0.6720 zone or the 50% FIB retracement level of the recent decrease of the $ 0.7090 Swing can be high to $ 0.6356 low. The first resistance is almost $ 0.6950. The next key resistance can be $ 0.700.
If there is an end above $ 0.70 resistance, the price can start a strong rally. In the case mentioned, the price could rise to the region of $ 0.7420. More profits can ask for a movement to $ 0.7650 in the short term.
Another drop in Ada?
If the price of Cardano does not climb above the resistance level of $ 0.6720, this can start a new decrease. Immediate support on the disadvantage is near the level of $ 0.6420.
The next major support is near the level of $ 0.6350. A downward break below the level of $ 0.6350 could open the doors for a test of $ 0.620. The next major support is near the level of $ 0.60 where the bulls can arise.
Technical indicators
Hourly MacD – The MACD for ADA/USD loses Momentum in the bearish zone.
Picly RSI (Relative strength -Index) -The RSI for ADA/USD is now below the 50 -level level.
Important support levels – $ 0.6420 and $ 0.6350.
Important resistance levels – $ 0.6720 and $ 0.7000.