Cardano's ADA token has encountered renewed selling pressure, beginning a downward trajectory after failing to maintain its position above the $1.00 mark. Currently, ADA is consolidating and risks further declines if it breaches the critical $0.9350 support.
Cardano's ADA has initiated a fresh decline from the $1.00 level. The token is now below $0.950 and the 100-hour simple moving average. A significant support trend line near $0.950 on the hourly ADA/USD chart has been breached, suggesting the possibility of further declines if the pair slips below $0.9350.
After unsuccessfully attempting to sustain levels above $1.00, Cardano began a new downward phase, in contrast to peers like Bitcoin and Ethereum. ADA fell through the $0.9650 and $0.950 support levels.
This downside movement featured a decisive break below the $0.950 support area, further exacerbated by a breach of a crucial bullish trend line with support at the same level on the hourly chart. This trend culminated in trading below the 50% Fibonacci retracement of the rise from $0.9007 to $0.9881.
Currently, Cardano is trading under $0.950 and its 100-hour simple moving average. On the upside, resistance is expected around the $0.950 mark, with a first major resistance at $0.9650. The subsequent significant resistance lies at $0.9880. If ADA manages a close above this level, it could instigate a robust rally towards the $1.00 area, potentially extending gains to $1.050.
Should Cardano fail to surpass the $0.950 resistance, another decline might occur. Immediate support is positioned near $0.940 and the 100-hour simple moving average.
The pivotal support lies around $0.9350, coinciding with the 61.8% Fibonacci retracement level of the upward momentum from the $0.9007 swing low to the $0.9881 high. A breakthrough below $0.9350 could trigger a decline toward $0.9040, with further support anticipated near $0.8550, which could attract buying interest.