Cardano (ADA) Downtrend Deepens—Is a Rebound Possible?

Cardano price started a recovery wave above the $0.680 zone but failed. ADA is consolidating near $0.650 and remains at risk of more losses. ADA price failed to recover above the $0.70 resistance zone. The price is trading below $0.680 and the 100-hourly simple moving average. There was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.70 resistance zone. Cardano Price Dips Again In the past few days, Cardano saw a recovery wave from the $0.6350 zone, like Bitcoin and Ethereum . ADA was able to climb above the $0.680 and $0.6880 resistance levels. However, the bears were active above the $0.70 zone. A high was formed at $0.7090 and the price corrected most gains. There was a move below the $0.650 level. Besides, there was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair. A low was formed at $0.6356 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. Cardano price is now trading below $0.680 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.6720 zone or the 50% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. The first resistance is near $0.6950. The next key resistance might be $0.700. If there is a close above the $0.70 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.7420 region. Any more gains might call for a move toward $0.7650 in the near term. Another Drop in ADA? If Cardano’s price fails to climb above the $0.6720 resistance level, it could start another decline. Immediate support on the downside is near the $0.6420 level. The next major support is near the $0.6350 level. A downside break below the $0.6350 level could open the doors for a test of $0.620. The next major support is near the $0.60 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.6420 and $0.6350. Major Resistance Levels – $0.6720 and $0.7000.

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