Will Cardano lose his strength and bounce? ADA recovery can disappear soon

Cardano Price has begun recovery waves from the $0.6420 zone. The ADA is currently facing resistance of nearly $0.6850 and could decline again.

• ADA prices have begun recovery waves from the $0.6420 zone.
• The price is below $0.680 and trades a simple moving average of 100 hours.
• On the hourly chart of the ADA/USD pair (Kraken data source), the break was $0.650 on top of the bearish trendline of connections with resistance.
• Clearing the resistance zone of $0.6850 may cause the pair to start another increase.

Cardano prices face resistance

Over the past few days, Cardano has seen a new decline from the $0.730 level, like Bitcoin and Ethereum. The ADA fell below the support levels of $0.70 and $0.680.

The lows formed at $0.6426, and prices are rising again. There was a move above the $0.6550 level. This price has cleared the FIB retracement level of 23.6%, a recent decline from the recent low of 0.7298 Swing High to $0.6426. Plus, on the ADA/USD pair hourly wage chart, the break exceeded the bearish trendline for connections with resistance was $0.650.

However, the bear is active near $0.6850 resistance and 50% FIB retracement levels, with a drop from the recent decline of $0.6426. Cardano Price is currently below $0.680 and trades a simple 100-hour moving average.

The advantage is that the price can face resistance near the $0.680 zone. The initial resistance is nearly $0.6850. The next important resistance may be $0.7090. If the resistance exceeds $0.7090, the price could launch a strong rally. If stated, the price could rise towards the $0.730 region. Any further profits may seek a move to $0.750 in the short term.

Another drop in the ADA?

If Cardano’s price does not rise above the $0.6850 resistance level, it could begin another decline. Instant support on the downside is close to the $0.6630 level.

The next major support is close to the $0.6500 level. A lower break below the $0.650 level could open the door for a $0.6320 test. The next major support is close to the $0.6175 level where the Bulls could possibly emerge.

Technical indicators

HOURLY MACD – ADA/USD’s MACD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – ADA/USD RSI is above 50 levels.

Key support levels – $0.6630 and $0.6500.

Major resistance levels – $0.6850 and $0.7090.