Cardano price started a new fall under the $ 0.850 zone. Ada is now consolidating and can lose losing under support of $ 0.80.
- ADA price started a new decrease under the $ 0.850 support zone.
- The price acts under $ 0.8320 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance to $ 0.820 on the hourly table of the ADA/USD pair (data source of Kraken).
- The couple can start a new increase if it knew the $ 0.820 resistance zone.
Cardano -Price will fall further
After a steady increase, Cardano faced sellers near $ 0.880 and started a downward correction, such as Bitcoin and Ethereum. ADA fell under the support levels of $ 0.850 and $ 0.8320.
The bears even pushed the price below $ 0.820. A low point was formed at $ 0.8003 and the price is now consolidating. There was a small increase in the direction of the 23.6% FIB racement level of the recent decrease of the $ 0.8376 Swing high to $ 0.8003 Low.
Cardano price is now being traded under $ 0.820 and the 100-hour simple advancing average. There is also an important bearish trend line that forms with resistance at $ 0.820 on the hourly table of the ADA/USD pair.
At the top the price can face the resistance near the $ 0.820 zone. The first resistance is almost $ 0.8280 or the FIB retracement level of 76.4% of the recent decrease of $ 0.8376 Swing High to $ 0.8003 Low. The next key resistance can be $ 0.840.
If there is an end above the resistance of $ 0.840, the price can start a strong rally. In the case mentioned, the price could rise to the region of $ 0.8620. More profits can ask for a movement to $ 0.880 in the short term.
Another decline of Ada?
If the price of Cardano does not climb above the resistance level of $ 0.840, this can start a new decrease. Immediate support on the disadvantage is close to the $ 0.80 level.
The next major support is near the level of $ 0.780. A downward break below the level of $ 0.780 can open the doors for a test of $ 0.7620. The next major support is near the level of $ 0.750 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 – $ 0.8000 and $ 0.7800.
Important resistance levels – $ 0.8200 and $ 0.8400.