Cardano price started a fresh decline below the $0.9550 zone. ADA is consolidating and might struggle to start a fresh increase above the $1.00 level. ADA price started a fresh decline from the $1.0350 zone. The price is trading near $0.950 and the 100-hourly simple moving average. There was a break above a short-term bearish trend line with resistance at $0.9560 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.00 resistance zone. Cardano Price Attempts Recovery Wave After struggling to stay above the $1.00 level, Cardano started a fresh decline like Bitcoin and Ethereum . ADA declined below the $0.9550 and $0.9500 support levels. It even spiked below $0.900. A low was formed at $0.8769 and the price is now attempting to recover. There was a move above the $0.9150 level. The price cleared the 23.6% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low. There was a break above a short-term bearish trend line with resistance at $0.9560 on the hourly chart of the ADA/USD pair. Cardano price is now trading below $0.9650 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.9550 zone. It is near the 50% Fib retracement level of the downward move from the $1.0354 swing high to the $0.8769 low. The first resistance is near $0.9750. The next key resistance might be $1.00. If there is a close above the $1.00 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.050 region. Any more gains might call for a move toward $1.120 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $0.9550 resistance level, it could start another decline. Immediate support on the downside is near the $0.9320 level. The next major support is near the $0.9150 level. A downside break below the $0.9150 level could open the doors for a test of $0.900. The next major support is near the $0.880 level where the bulls might emerge. 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 now above the 50 level. Major Support Levels – $0.9150 and $0.9000. Major Resistance Levels – $0.9750 and $1.0000.
