Cardano price has recently experienced a downside correction below the $1.00 zone, with ADA now consolidating and facing hurdles near the $0.920 and $0.950 levels. This decline mirrors similar movements seen in other major cryptocurrencies like Bitcoin and Ethereum.
The recent high for ADA was at $0.9495 before the price started to dip, falling below the $0.920 support level. This decline also saw the price move below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high. Currently, Cardano is trading below $0.925 and the 100-hourly simple moving average.
On the hourly chart of the ADA/USD pair, there is a connecting bearish trend line forming with resistance at $0.92. The first major resistance is near $0.9350, followed by the key resistance level at $0.950. If ADA manages to close above this resistance, it could potentially start a strong rally towards the $1.00 region, with further gains possibly pushing the price towards $1.050 in the near term.
However, if Cardano fails to break above the $0.920 resistance level, it could signal another decline. Immediate support on the downside is near the $0.8950 level, followed by the 61.8% Fib retracement level at $0.865. A break below $0.865 could lead to a test of $0.820, with major support seen at $0.8050.
In terms of technical indicators, the MACD for ADA/USD is gaining momentum in the bearish zone on the hourly chart, while the RSI is now below the 50 level. The major support levels to watch are $0.8950 and $0.8650, with resistance levels at $0.920 and $0.950.
Overall, Cardano’s price movement in the coming days will largely depend on its ability to break above key resistance levels and sustain momentum. Traders and investors should closely monitor these levels to anticipate potential price movements and adjust their strategies accordingly.