Is Cardano’s Bounce Weaking? ADA Recovery May Dwindle Soon

The price of Cardano began to recover from the $0.6420 area. Currently, ADA faces resistance around $0.6850 and might experience another decline.

• ADA initiated a recovery from the $0.6420 mark.
• The price remains below $0.680 and the 100-hour simple moving average.
• A breakout occurred above a bearish trend line with resistance at $0.650 on the hourly chart of the ADA/USD pair.
• If the pair surpasses the $0.6850 resistance zone, it may continue to rise.

Resistance for Cardano Price

Recently, Cardano experienced a decline from the $0.730 level, similar to movements seen in Bitcoin and Ethereum. ADA fell below both the $0.70 and $0.680 support levels.

A low of $0.6426 was reached, but the price is now rebounding. It moved past the $0.6550 level and crossed the 23.6% Fib retracement level from the recent drop between the $0.7298 swing high and the $0.6426 low. Additionally, a bearish trend line resistance at $0.650 was breached on the hourly chart of the ADA/USD pair.

Nonetheless, sellers remain active around the resistance level of $0.6850, which also aligns with the 50% Fib retracement level of the recent drop from the $0.7298 swing high to the $0.6426 low. Cardano currently trades below $0.680 and the 100-hour simple moving average.

The price may encounter resistance near the $0.680 zone, with initial resistance at $0.6850. Further significant resistance may appear around $0.7090. A close above this resistance level could initiate a strong upward trend, potentially propelling the price towards the $0.730 region. Any further gains could lead to a move towards $0.750 soon.

Potential Further Decline for ADA?

Should Cardano’s price fail to break above the $0.6850 resistance, it might start to decline again. The immediate downside support lies near $0.6630.

The next crucial support is around the $0.6500 level. A drop below this point could pave the way for a test of $0.6320. A significant support level is also at $0.6175, where buyers may come back into the market.

Technical Analysis

Hourly MACD – The MACD for ADA/USD is showing decreasing momentum in the bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently above the 50 mark.

Key Support Levels – $0.6630 and $0.6500.

Key Resistance Levels – $0.6850 and $0.7090.