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Cardano (ADA) Faces Challenges: Struggles to Regain Previous Levels
Cardano's price has recently declined below the $0.9550 mark. ADA is currently in a consolidation phase and may find it challenging to initiate a new upward trend above the $1.00 threshold.
ADA price experienced a fresh downturn from the $1.0350 zone.
The cryptocurrency is trading close to $0.950, aligned with the 100-hourly simple moving average.
An upward break occurred above a short-term bearish trend line, with resistance seen at $0.9560 on the ADA/USD hourly chart (data sourced from Kraken).
The pair could potentially begin another upward movement if it surpasses the $1.00 resistance zone.
Cardano Price Attempts Recovery
Following its struggle to maintain a position above the $1.00 level, Cardano, similar to Bitcoin and Ethereum, embarked on a new decline. ADA's value dropped below the $0.9550 and $0.9500 support thresholds.
The price even dipped below $0.900, forming a low at $0.8769, and is now attempting a recovery. An upward movement was observed past the $0.9150 level, clearing the 23.6% Fib retracement level from the $1.0354 swing high to the $0.8769 low.
The hourly chart of the ADA/USD pair showed a break above a short-term bearish trend line, with resistance around $0.9560. Currently, Cardano is trading under $0.9650 and the 100-hourly simple moving average.
On the upside, ADA might encounter resistance near the $0.9550 zone, which aligns with the 50% Fib retracement level of the decline from the $1.0354 swing high to the $0.8769 low. The initial resistance stands at approximately $0.9750, with the next significant resistance at $1.00.
Cardano Price Outlook
A successful close above the $1.00 resistance could trigger a robust rally, potentially driving the price toward the $1.050 region. Further gains might lead to a move toward $1.120 in the near term.
Potential Further Decline?
Should Cardano fail to break past the $0.9550 resistance level, it may experience another decline. Immediate support is positioned near $0.9320.
The subsequent major support is around $0.9150. A breach below this level could pave the way for a test of $0.900, with additional support near $0.880, where bullish activity might intensify.
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 currently above the 50 level.
Major Support Levels – $0.9150 and $0.9000.
Major Resistance Levels – $0.9750 and $1.0000.
