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Cardano News: Price Downturn Persists, Pressure Builds Among Investors
The Cardano news today isn’t very encouraging for holders of the ADA cryptocurrency, as its price has continued a downward trend, now falling below the $0.70 mark. Currently, ADA is undergoing a consolidation phase, with potential to decline further beneath the $0.650 threshold. The digital currency initially plunged below both the $0.720 and $0.700 levels, signaling a bearish phase under the 100-hourly simple moving average.
A significant bearish pattern was confirmed with the breach of a bullish trend line at the $0.6840 support on the ADA/USD hourly chart. Should ADA slip below the $0.650 support zone, we might witness a continued downward movement.
Recent Downturns and Potential Rebounds
In recent days, Cardano has experienced a considerable drop from above $0.750, diverging from the paths of Bitcoin and Ethereum. This descent pushed ADA into a bearish territory, marked by a recent low at $0.6626. With the price now below $0.70 and consolidating its losses, resistance looms near the $0.6720 area, coinciding with the 23.6% Fibonacci retracement level from the recent high to low swing.
Further resistance is spotted around $0.6825, the 50% Fibonacci retracement level. A break above $0.6920 could potentially trigger a strong upward rally, with targets possibly reaching up to the $0.7350 region, and perhaps even as high as $0.750 in the near term.
Potential for Further Declines
Conversely, if Cardano news reports a failure to overcome the $0.6825 resistance, another price drop could be imminent. Immediate support is found near $0.6625, with more critical support around $0.650. A break below this could lead to further declines towards the $0.620 mark, with the next substantial support near the $0.60 level, where buying interest might resurge.
Technical Indicators
The Hourly MACD for ADA/USD shows increased momentum in the bearish zone, and the Relative Strength Index (RSI) is currently below 50, indicating bearish pressure.
Major Support Levels: $0.650 and $0.620.
Major Resistance Levels: $0.6825 and $0.700.
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