Cardano (ADA) Pressure Rises—More Downside?
From $0.680, Cardano price fell. ADA is consolidating at $0.620 and risking additional losses.
ADA began a comeback from $0.5850.
The price is below $0.640 and the 100-hour SMA.
On the hourly ADA/USD chart, a negative trend line connects to $0.6350 barrier.
The pair might rise again if it breaks $0.640 barrier.
Cardano Price Hits Resistance
Cardano, like Bitcoin and Ethereum, fell from $0.680 in recent sessions. Below $0.650 and $0.640 support levels, ADA fell.
Price is consolidating losses after a low at $0.6040. A little advance over $0.6120 occurred. The price challenged the 23.6% Fib retracement of the latest slide from $0.6481 swing high to $0.6040 low.
Cardano is below $0.640 and the 100-hour SMA. On the upside, resistance may be above $0.6260 and the 50% Fib retracement level of the current slide from $0.6481 swing high to $0.6040 low.
Around $0.6350 is the initial resistance. On the hourly ADA/USD chart, a negative trend line connects to $0.6350 barrier. The next hurdle may be $0.6480.
A closure above $0.6480 barrier might spark a powerful surge. In this situation, the price may reach $0.680. More advances may lead to $0.70 soon.
Another ADA Drop?
If Cardano fails to break $0.6350 barrier, it might fall again. Near $0.6040 is immediate downside support.
Near $0.60 is the next important support. A drop below $0.60 might touch $0.580. The next significant support is $0.5550, where bulls may appear.
Tech Indicators
Hourly MACD in negative zone for ADA/USD.
Hourly ADA/USD RSI is below 50.
Major Support Levels: $0.6040, $0.580.
Major Resistance: $0.6350, $0.6480.
