Cardano's price is facing significant challenges as it embarks on a fresh decline, struggling to regain momentum above the $1.0250 mark. Following a downturn from the $1.150 zone, ADA finds itself consolidating below key levels, hinting at further difficulty in initiating a robust upward trajectory.
ADA has experienced a noticeable downturn, dropping from the $1.150 area. Currently, the price hovers below $1.0550 and is positioned under the 100-hourly simple moving average. A bearish trend line is emerging, with resistance at the $1.040 level on the ADA/USD hourly chart (data sourced from Kraken). Overcoming the resistance near $1.050 could pave the way for an upward movement.
After failing to hold the $1.150 level, Cardano's price saw a decline, diverging from the trajectories of Bitcoin and Ethereum. ADA slipped below support zones at $1.050 and $1.0350. It even dropped momentarily below the $1.00 threshold, setting a low at $0.9615 before attempting a recovery.
A slight bounce occurred above $0.990, clearing the 23.6% Fibonacci retracement level from the $1.088 high to the $0.9615 low.
Currently, Cardano is trading under $1.050 and remains beneath the 100-hourly simple moving average. Resistance looms near $1.0250, aligning with the 50% Fibonacci retracement level of its previous decline. The initial resistance is at $1.050, compounded by a bearish trend line at $1.040 on the ADA/USD hourly chart. Surpassing these levels might meet further resistance at $1.0880. Successfully closing above $1.0880 could ignite a vigorous rally.
If this scenario unfolds, the price may advance towards the $1.120 area. Further gains could instigate a move towards $1.1520 in the near term. An alternate outcome, however, could see ADA under pressure if it fails to breach the $1.050 resistance.
Immediate support for ADA is located near $0.980. A significant support level lies close to $0.9650. A break below $0.9650 could set the stage for a test of the $0.9200 mark. Major support anticipated near $0.880 provides potential entry for bullish momentum.
The hourly MACD for ADA/USD is showing a loss of momentum within the bearish territory. Additionally, the hourly RSI for ADA/USD has dipped below the 50 threshold, indicating prevailing selling pressure.