Cardano (ADA) Faces Selling Pressure – Is This the Start of a Trend?

Cardano price started a fresh decline below the $0.850 ￰0￱ is now consolidating and might extend losses below the $0.80 ￰1￱ price started a fresh decline below the $0.850 support ￰2￱ price is trading below $0.8320 and the 100-hourly simple moving ￰3￱ is a key bearish trend line forming with resistance at $0.820 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.820 resistance ￰4￱ Price Dips Further After a steady increase, Cardano faced sellers near $0.880 and started a downside correction, like Bitcoin and ￰5￱ dipped below the $0.850 and $0.8320 support ￰6￱ bears even pushed the price below $0.820.

A low was formed at $0.8003 and the price is now consolidating ￰7￱ was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $0.8376 swing high to the $0.8003 ￰8￱ price is now trading below $0.820 and the 100-hourly simple moving ￰9￱ is also a key bearish trend line forming with resistance at $0.820 on the hourly chart of the ADA/USD ￰10￱ the upside, the price might face resistance near the $0.820 ￰11￱ first resistance is near $0.8280 or the 76.4% Fib retracement level of the recent decline from the $0.8376 swing high to the $0.8003 ￰12￱ next key resistance might be $0.840. If there is a close above the $0.840 resistance, the price could start a strong ￰13￱ the stated case, the price could rise toward the $0.8620 ￰14￱ more gains might call for a move toward $0.880 in the near ￰15￱ Decline In ADA?

If Cardano’s price fails to climb above the $0.840 resistance level, it could start another ￰16￱ support on the downside is near the $0.80 ￰17￱ next major support is near the $0.780 level. A downside break below the $0.780 level could open the doors for a test of $0.7620. The next major support is near the $0.750 level where the bulls might ￰18￱ Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 ￰20￱ Support Levels – $0.8000 and $0.7800. Major Resistance Levels – $0.8200 and $0.8400.