Cardano price started a recent decline from the resistance at $0.3850. ADA is consolidating above $0.3350 and may attempt a recovery wave.
- ADA price started moving down below the USD 0.3550 support level.
- The price is trading below $0.350 and the 100-hour plain moving average.
- A short-term bearish trend line is forming on the hourly chart of the ADA/USD pair with resistance at USD 0.3480 (data source from Kraken).
- The pair may continue falling if it stays below the resistance zone at $0.360.
Cardano prices are falling again
After testing the resistance at $0.4150, Cardano had difficulty continuing its gains. ADA formed a short-term high and started a recent decline, similar to Bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.
Before the bulls appeared, the price even dropped below $0.350. The bottom was formed at USD 0.3360 and the price is currently consolidating losses. There was a slight move above the $0.3420 level. The price was testing the 23.6% Fib retracement level in a move down from a high of $0.3853 to a low of $0.3360.
Cardano price is currently trading below $0.360 and the 100-hour plain moving average. On the other hand, the price may face resistance near the $0.3500 zone. A short-term bearish trend line is also forming on the hourly chart of the ADA/USD pair with resistance at $0.3480.
The first resistance is located near $0.360 or the 50% Fib retracement level as it moves down from the high at $0.3853 to the low at $0.3360. The next key resistance may be the USD 0.3740 level. If there is a close above the resistance at $0.3740, the price could begin a mighty rally. In the given case, the price may escalate towards the USD 0.400 region. Further gains may require a move towards USD 0.4150.
More ADA flaws?
If Cardano price does not rise above the $0.3500 resistance level, another decline could begin. Immediate downside support is located near the $0.340 level.
The next significant support is near the USD 0.3350 level. A downside break below the $0.3350 level could open the door to a test at $0.3220. The next major support is near the $0.300 level, where bulls may emerge.
Technical indicators
Hourly MACD – MACD for ADA/USD is gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently below the 50 level.
Major support levels – USD 0.3400 and USD 0.3350.
Major resistance levels – USD 0.3500 and USD 0.3600.
