CandleFocus

Cardano (ADA) Struggles to Hold Ground: Another Drop Incoming?

Author: Content Editor
The price of Cardano (ADA) has undergone a downward correction below the $1.00 zone after failing to surpass the resistance at $1.00. ADA is currently consolidating and encountering obstacles around the $0.920 and $0.950 levels. It has declined below support levels at $0.9650 and $0.950, with its recent high at $0.9495 before experiencing a dip.

ADA is now trading below $0.925 and the 100-hourly simple moving average. Resistance can be expected near the $0.920 level and a bearish trend line is forming at $0.92. The first resistance comes at $0.9350, followed by a key resistance level at $0.950. A close above $0.950 could spark a strong rally towards the $1.00 region, and further gains may lead to a move towards $1.050.

However, if the price fails to climb above the $0.920 resistance level, another decline could be possible. Immediate support lies around the $0.8950 level or the 61.8% Fib retracement level. The next major support is at $0.865, and a downside break below $0.8650 may result in a test of $0.820. The bulls could step in near the $0.8050 support level.

The technical indicators show that the MACD for ADA/USD is gaining momentum in the bearish zone, and the RSI is below the 50 level. Major support levels are at $0.8950 and $0.8650, while major resistance levels are at $0.920 and $0.950.

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