The cost of Cardano has recently dropped beneath the 0.9550 mark, signaling a potential downtrend. For now, it appears to be holding steady and could face challenges in breaking through the $1.00 resistance level.
- ADA price started a fresh decline from the $1.0350 zone.
- The price is trading near $0.950 and the 100-hourly simple moving average.
- There was a break above a short-term bearish trend line with resistance at $0.9560 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.00 resistance zone.
Cardano Price Attempts Recovery Wave
Following a tough battle to maintain its value above $1.00, similar to Bitcoin and Ethereum, Cardano has initiated a new fall. The ADA token fell below its previous support levels of $0.9550 and $0.9500.
The price dipped as low as $0.8769, but is currently trying to bounce back from this point. It briefly surpassed the $0.9150 level and has now exceeded the 23.6% Fibonacci retracement level of the fall from the peak of $1.0354 to the low of $0.8769.
On the hourly chart for ADA/USD, a break occurred above a temporary bearish trendline with a resistance at $0.9560. Currently, Cardano’s price is hovering below $0.9650 and also beneath the 100-hour moving average.
Positively, the price may encounter a barrier around the $0.9550 region due to it being close to the 50% Fibonacci retracement level of the downward trend from the peak at $1.0354 to the trough at $0.8769. The initial resistance could be found at $0.9750, with a significant resistance potentially appearing at $1.00.
If the price surpasses the $1.00 mark significantly, it may initiate a robust upward trend. In such a scenario, the price could potentially increase towards the $1.050 area. Further gains might indicate a potential surge toward $1.120 in the upcoming period.
Another Decline in ADA?
If the cost of Cardano doesn’t manage to surpass the $0.9550 barrier, there might be a renewed drop in price. The immediate floor, should that happen, would be around $0.9320.
If the price drops beneath the $0.9150 mark, it may lead to a potential dip towards $0.900. However, significant support could be found around $0.880, which could encourage the buyers to reappear.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.9150 and $0.9000.
Major Resistance Levels – $0.9750 and $1.0000.
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2025-01-14 08:10