Cardano price started a new decline below the $0.9550 zone. ADA is consolidating and could struggle to start a new increase above the USD 1.00 level.
- The ADA price started a new decline from the $1.0350 zone.
- The price is trading around $0.950 and the 100-hour simple moving average.
- There was a break above a short-term bearish trendline with resistance at $0.9560 on the hourly chart of the ADA/USD pair (Kraken data source).
- The pair could rise again if it breaks the $1.00 resistance zone.
Cardano Price attempts recovery surge
After struggling to stay above the $1.00 level, Cardano started a new decline, just like Bitcoin and Ethereum. ADA fell below the USD 0.9550 and USD 0.9500 support levels.
It even peaked below $0.900. A low was formed at $0.8769 and the price is now trying to recover. There was a move above the USD 0.9150 level. The price has crossed the 23.6% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low.
There was a break above a short-term bearish trendline with resistance at $0.9560 on the hourly chart of the ADA/USD pair. Cardano price is now trading below $0.9650 and the 100-hourly moving average.
On the upside, the price could encounter resistance near the $0.9550 zone. It is close to the 50% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low. The first resistance is near $0.9750. The next major resistance could be at $1.00.
If there is a close above the $1.00 resistance, the price could start a strong rally. In the mentioned case, the price could rise towards the $1,050 region. Any further gains could require a move towards $1,120 in the near term.
Another drop in ADA?
If Cardano price fails to rise above the USD 0.9550 resistance level, it could trigger a fresh decline. The immediate downside support is near the $0.9320 level.
The next major support is near the $0.9150 level. A downside break below the USD 0.9150 level could open the doors for a test of USD 0.900. The next major support is near the $0.880 level where the bulls could emerge.
Technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major support levels – USD 0.9150 and USD 0.9000.
Major resistance levels – $0.9750 and $1.0000.