Cardano price starts to rebound from the $0.6420 area. ADA is currently facing resistance near $0.6850 and may fall again.
ADA price starts to recover from the $0.6420 area.
The price is below $0.680 and the 100-hour simple moving average.
On the hourly chart for ADA/USD, it broke through the bearish trendline, with resistance at $0.650 (data sourced from Kraken).
If the resistance zone at $0.6850 is broken, the currency pair may start to rise again.
Cardano price faces resistance
In the past few days, Cardano has once again fallen from the level of $0.730, similar to Bitcoin and Ethereum. ADA has broken below the support levels of $0.70 and $0.680.
The price formed a low at $0.6426 and is rising again. The price broke above the $0.6550 level. The price has broken through the 23.6% Fibonacci retracement level of the recent downtrend (from the swing high of $0.7298 to the low of $0.6426). Additionally, on the hourly chart for ADA/USD, the price has broken through the resistance level that connects the bearish trendline (resistance at $0.650).
However, bears are active near the resistance level of $0.6850, as well as near the 50% Fibonacci retracement level from the recent swing high of $0.7298 to the low of $0.6426. The Cardano price is currently below $0.680 and the 100-hour simple moving average.
On the upside, the price may face resistance around $0.680. The first resistance level is near $0.6850. The next key resistance level may be $0.7090. If the closing price breaks the resistance level of $0.7090, the price may initiate a strong rebound. In this case, the price may rise to the $0.730 area. If the price continues to rise, it may push the target price towards $0.750 in the short term.
Is ADA falling again?
If the Cardano price fails to break above the resistance level of $0.6850, it may trigger a new round of decline. The immediate support level in the downward direction is around $0.6630.
The next major support level is around $0.6500. If it breaks below $0.650, it may open the door to test $0.6320. The next major support level is around $0.6175, where bulls may appear.
Technical Indicators
Hourly MACD - The MACD for ADA/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for ADA/USD is now above the 50 level.
Major support levels - $0.6630 and $0.6500.
Major resistance levels - $0.6850 and $0.7090.
