Cardano Struggles—ADA Faces Big Challenges
Cardano fell below $0.75 again. ADA is recovering and may see resistance at $0.750.
ADA began a rebound from $0.650.
The price is below $0.750 and the 100-hour SMA.
The hourly ADA/USD chart shows a short-term bearish trend line with resistance at $0.720.
The pair might rise again if it breaks $0.750 barrier.
Cardano Price Rises
Like Bitcoin and Ethereum, Cardano fell below $0.80 in recent days. Below $0.750 and $0.70 support levels, ADA fell.
The $0.650 zone was examined last. Recently, the price began recovering from a low of $0.6495. Price rose over $0.680 and $0.70. The price hit the 50% Fib retracement level of the $0.8169 swing high to $0.6495 low decline.
On the hourly ADA/USD chart, a short-term bearish trend line formed with resistance at $0.720. Cardano is below $0.80 and the 100-hour SMA.
The upswing may encounter resistance at $0.750 and the 61.8% Fib retracement level of the bearish move from $0.8169 swing high to $0.6495 low. At $0.7750, resistance begins. The next hurdle may be $0.80.
A closing above $0.80 barrier might spark a powerful surge. In this situation, the price may reach $0.950. More increases might lead to $1.00 soon.
Another ADA decline?
Cardano's price might fall again if it fails to break $0.750. Near $0.7150 is immediate downside support.
Near $0.6880 is the next important support. A drop below $0.6880 might challenge $0.650. The next significant support is $0.6320, where bulls may appear.
Tech Indicators
Hourly MACD - ADA/USD MACD is losing bullish momentum.
Hourly ADA/USD RSI is below 50.
Major Support Levels: $0.7150, $0.6880.
Major Resistance: $0.7500, $0.7750.