🔥 $ADA Tests Key Support — Is a Sharp Drop Coming Next?

Cardano fell below $0.680 again. ADA is consolidating and may struggle over $0.620.

A new fall began below $0.70 and $0.680 for ADA.

The price is below $0.680 and the 100-hour SMA.

On the hourly ADA/USD chart, a bullish trend line with support at $0.630 is formed.

If it breaks $0.620, the pair may fall again.

Cardano Price Falls More

Cardano fell below $0.720 in recent days, unlike Bitcoin and Ethereum. ADA fell below $0.70 into a bearish zone.

Bears drove the price below $0.680. The price just recovered from a low of $0.6134. Price rose over $0.620 and $0.6350. The price rose above the 23.6% Fib retracement of the lower move from $0.7311 swing high to $0.6134 low.

Still, bears were active around $0.6560. Cardano is above $0.620 and the 100-hour SMA. On the hourly ADA/USD chart, a bullish trend line with support at $0.630 is formed.

Price may find resistance at $0.650 on the upside. Around $0.6560 is the initial resistance. The next hurdle may be $0.6720. The 50% Fib retracement level of the decline from the $0.7311 swing high to the $0.6134 low is approaching.

A closing above $0.6720 barrier might spark a powerful surge. In this situation, the price may reach $0.70. More increases may lead to $0.7350 soon.

Another ADA Drop?

If Cardano fails to break $0.6720 barrier, it might fall again. Near $0.630 is immediate downside support.

Near $0.620 is the next important support. A drop below $0.620 might challenge $0.60. The next significant support is $0.5650, where bulls may appear.

Tech Indicators

Hourly MACD in negative zone for ADA/USD.

Hourly ADA/USD RSI is below 50.

Important Support Levels: $0.630 and $0.620.

Key Resistance Levels: $0.6560, $0.6720

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