Cardano (ADA) Bears Active — Token at Risk of Another Leg Down

Cardano price started a fresh decline below the $0.5750 zone. ADA is now consolidating and might struggle to stay above the $0.550 support.

• ADA price started a fresh decline below $0.580 and $0.5750.
• The price is trading below $0.570 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.570 on the hourly chart of the ADA/USD pair (data source from Kraken).
• The pair could start a fresh decline if it dips below the $0.550 support zone.

Cardano Price Dips Again

In the past few sessions, Cardano saw a fresh decline below the $0.580, unlike Bitcoin and Ethereum. ADA even declined below the $0.5750 level to enter a bearish zone.

The bears even pushed the price below the 23.6% Fib retracement level of the upward move from the $0.5102 swing low to the $0.5938 high. The price even spiked below the $0.5520 support. There is also a key bearish trend line forming with resistance at $0.570 on the hourly chart of the ADA/USD pair.

Cardano price is now trading below $0.570 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.570 zone. The first resistance is near $0.5850.

The next key resistance might be $0.5920. If there is a close above the $0.5920 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.620 region. Any more gains might call for a move toward $0.6350 in the near term.

Another Drop In ADA?

If Cardano’s price fails to climb above the $0.5850 resistance level, it could start another decline. Immediate support on the downside is near the $0.5520 level and the 50% Fib retracement level of the upward move from the $0.5102 swing low to the $0.5938 high.

The next major support is near the $0.530 level. A downside break below the $0.530 level could open the doors for a test of $0.5120. The next major support is near the $0.50 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.5520 and $0.5300.

Major Resistance Levels – $0.5850 and $0.6000.

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