Cardano's price has experienced a decline below the $0.9250 mark, and while it is making some attempts to correct these losses, it faces significant resistance near the $0.80 level.
Cardano's price witnessed a notable decrease from above $0.9250. It is currently trading below $0.850 and remains under the 100-hour simple moving average.
A crucial bearish trend line is forming with resistance at approximately $0.8050 on the hourly ADA/USD chart, according to data from Kraken. Should the pair slip below the $0.7650 support zone, an additional decline may ensue.
Following an inability to maintain its position above $0.950, Cardano has initiated a downward trend similar to Bitcoin and Ethereum. The coin dropped below crucial support levels such as $0.90 and $0.850. The price fell further, breaching the $0.60 support zone, before reaching a low of $0.5105. Subsequently, Cardano saw a notable upward correction, surpassing the $0.60 and $0.70 resistance levels, with bulls pushing the price past the 50% Fibonacci retracement level of the fall from $0.9828 to $0.5105.
The bearish forces, however, have emerged around the $0.80 mark. A significant bearish trend line is evident, with resistance seen at $0.8050 on the ADA/USD hourly chart. Currently, Cardano’s trading value remains below $0.80 and under the 100-hour simple moving average, facing prospective resistance at the $0.80 mark and at the 61.8% Fibonacci retracement level of its most recent descent.
Immediate resistance is around $0.820, with a subsequent key level at $0.850. Closing above $0.850 resistance might ignite a potential rally, with targets set towards the $0.9250 zone, and further gains could propel the price closer to the $1.00 mark in the short term.
Absent a breakthrough above the $0.80 resistance, Cardano may encounter renewed downward pressure. Initial support is positioned near the $0.7650 mark. Breaching this level could pave the way for further declines, testing support near $0.7230. A further drop could lead to $0.6880, with another substantial support at $0.6250, where buyers could potentially re-enter the market.
The Hourly MACD for ADA/USD is showing diminishing momentum within bullish territory. Meanwhile, the Hourly RSI for ADA/USD has moved above 50. Key support levels are identified at $0.7650 and $0.7230, while critical resistance levels stand at $0.8000 and $0.8200.