Cardano Bounce Weakening? ADA Recovery May End Soon

A rebound wave began around $0.6420 for Cardano. ADA may drop again because to resistance at $0.6850.

ADA began a rebound from $0.6420.
The price is below $0.680 and the 100-hour SMA.
The hourly chart of the ADA/USD pair 0.6850 resistance zone broke over a negative trend line with resistance at $0.650.

Cardano Price Hits Resistance

Cardano, like Bitcoin and Ethereum, fell from $0.730 in recent days. Below $0.70 and $0.680 support levels, ADA fell.

After hitting a low of $0.6426, the price is rising. Price rose over $0.6550. Price crossed the 23.6% Fib retracement barrier of the latest fall from $0.7298 swing high to $0.6426 low. Also, the hourly ADA/USD chart broke above a connecting bearish trend line with resistance at $0.650.

However, bears are active at $0.6850 resistance and the 50% Fib retracement level of the current slide from $0.7298 swing high to $0.6426 low. Cardano is below $0.680 and the 100-hour SMA.

Price may find resistance at $0.680 on the upside. Around $0.6850 is the initial resistance. The next hurdle may be $0.7090. A closing above $0.7090 barrier might spark a powerful surge. In this situation, the price may reach $0.730. More increases might lead to $0.750 soon.

Another ADA Drop?

If Cardano fails to break $0.6850 barrier, it might fall again. Near $0.6630 is immediate downside support.

Near $0.6500 is the next important support. A drop below $0.650 might test $0.6320. The next significant support is $0.6175, where bulls may appear.

Tech Indicators

Hourly MACD - ADA/USD MACD is losing bullish momentum.

Hourly RSI - ADA/USD's RSI is over 50.

Key Support Levels: $0.6630, $0.6500.

Major resistance levels: $0.6850, $0.7090.

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