Cardano’s price has recently entered a period of decline, falling below the $1.050 mark. The cryptocurrency has struggled to maintain upward momentum since reaching a high of approximately $1.150, significantly lagging behind its larger counterparts, Bitcoin and Ethereum . Currently, the altcoin is navigating through a consolidation phase and appears to face challenges in initiating a fresh move to the upside, particularly at the $1.0250 resistance level.
Following the recent downturn, Cardano’s price dipped below critical support levels of $1.050 and $1.0350, even trading as low as $0.9615. However, a slight recovery has taken place, pushing ADA above the $0.990 level and surpassing the 23.6% Fibonacci retracement of the decline from its peak of $1.088 to the recent low. While ADA is currently trading below the $1.050 level and the 100-hour simple moving average, resistance is anticipated near the $1.0250 area, correlating with the 50% Fibonacci retracement of the recent downward movement.
Key resistance for Cardano is set at $1.050, with another bearish trend line establishing resistance at $1.040 on the hourly chart. A successful breakout above the $1.0880 level could signify the start of a significant rally, paving the way for potential price movements towards $1.120 and even $1.1520.
Conversely, if the price continues to struggle and fails to surpass the $1.050 resistance, another decline may be forthcoming. Immediate support is situated near the $0.980 level, while a key support range lies around $0.9650. Should Cardano breach this level, it could lead to a shift in momentum, pushing prices down towards significant support at $0.9200, and possibly $0.8800, which could attract bullish activity.
Technical indicators are currently displaying bearish sentiment, with the MACD losing momentum and the RSI lingering below the neutral 50 level, suggesting further caution among traders.
