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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Cardano (ADA) Pressure Mounts—More Downside on the Horizon?

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Cardano price started a fresh decline from the $0.680 zone. ADA is consolidating near $0.620 and remains at risk of more losses.

  • ADA price started a recovery wave from the $0.5850 zone.
  • The price is trading below $0.640 and the 100-hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another increase if it clears the $0.640 resistance zone.

Cardano Price Faces Resistance

In the past few sessions, Cardano saw a fresh decline from the $0.680 level, like Bitcoin and Ethereum. ADA declined below the $0.650 and $0.640 support levels.

A low was formed at $0.6040 and the price is now consolidating losses. There was a minor move above the $0.6120 level. The price tested the 23.6% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low.

Cardano price is now trading below $0.640 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.6260 zone and the 50% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low.

The first resistance is near $0.6350. There is also a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair. The next key resistance might be $0.6480.

Cardano Price

If there is a close above the $0.6480 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.680 region. Any more gains might call for a move toward $0.70 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6350 resistance level, it could start another decline. Immediate support on the downside is near the $0.6040 level.

The next major support is near the $0.60 level. A downside break below the $0.60 level could open the doors for a test of $0.580. The next major support is near the $0.5550 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.6040 and $0.580.

Major Resistance Levels – $0.6350 and $0.6480.

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