Major support levels for ADA are at $0.3400 and $0.3220, while major resistance levels are at $0.3500 and $0.3550. However, ADA is trying to find support above $0.3420 and might attempt to recover the losses. On the upside, the next resistance levels for ADA could be around $0.3515, $0.3550 (50% Fibonacci retracement level), and $0.3620.
Cardano (ADA), a cryptocurrency, has been witnessing a decline in its prices since breaking below the $0.3565 zone. A close above $0.3620 could lead to a strong rally, pushing the price towards the $0.3700 region and $0.3880.
However, if Cardano fails to break above the $0.350 resistance level, it could face further selling pressure. Investors should keep a close eye on the technical indicators and potential support and resistance levels for ADA in the coming days.
A break below $0.3400 might result in testing the $0.3220 level, with the next significant support at around $0.3100.
According to technical indicators, the hourly MACD for ADA/USD is losing momentum in the bearish zone, and the RSI is now below the 50 level. After reaching the $0.3700 resistance level, Cardano faced selling pressure and formed a short-term top, leading to the recent decline. In conclusion, Cardano (ADA) is currently facing selling pressure, which has pushed the price below the $0.3500 mark.
However, there seems to be a possibility of a recovery if the cryptocurrency manages to clear the $0.3520 resistance level. Immediate support lies around the $0.3420 level, followed by the $0.3400 level. The bulls pushed the price above the $0.3420 level, indicating a potential recovery. There was a move below the $0.3550 and $0.3500 support levels before finding support at $0.3450.
The price fell to a low of $0.3394 and is currently consolidating its losses. The cryptocurrency had a bearish trend line resistance at $0.3460, which was broken, and ADA is now trading below the $0.3500 mark and the 100-hourly Simple Moving Average (SMA).
If the price manages to clear the $0.3520 resistance, it could attempt a recovery wave.
