Oh, darling, Cardano’s price has taken a rather dramatic tumble from the $0.680 zone, hasn’t it? Now, it’s lounging near $0.620, looking rather precarious, like a debutante at her first ball who’s had one too many glasses of champagne. More losses? Quite possibly, my dear.
- ADA did attempt a recovery from the $0.5850 zone, bless its heart.
- Currently, it’s trading below $0.640 and the 100-hourly simple moving average—how very pedestrian.
- There’s a rather dashing bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair (data courtesy of Kraken, darling).
- If it manages to clear the $0.640 resistance zone, it might just pull itself together. But let’s not hold our breath, shall we?
In the past few sessions, Cardano has been on a bit of a downward spiral, much like Bitcoin and Ethereum. ADA slipped below the $0.650 and $0.640 support levels, as if it were sliding down a greased pole at a rather unfortunate garden party.
A low was formed at $0.6040, and now the price is consolidating its losses. There was a minor move above the $0.6120 level, but let’s not get too excited—it’s like a child’s first steps, wobbly and uncertain. The price tested the 23.6% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low. How very technical.
Cardano’s price is now trading below $0.640 and the 100-hourly simple moving average. On the upside, it might face resistance near the $0.6260 zone and the 50% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low. It’s all rather complicated, isn’t it?
The first resistance is near $0.6350. There’s also a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair. The next key resistance might be $0.6480. Oh, the drama!
If there’s a close above the $0.6480 resistance, the price could start a strong rally. In that case, it might rise toward the $0.680 region. Any more gains could call for a move toward $0.70 in the near term. But let’s not count our chickens before they’ve hatched, darling.
If Cardano’s price fails to climb above the $0.6350 resistance level, it could start another decline. Immediate support on the downside is near the $0.6040 level. The next major support is near the $0.60 level. A downside break below the $0.60 level could open the doors for a test of $0.580. The next major support is near the $0.5550 level where the bulls might emerge. But will they? Only time will tell.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. How very thrilling.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Oh, the suspense!
Major Support Levels – $0.6040 and $0.580.
Major Resistance Levels – $0.6350 and $0.6480.
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2025-04-16 08:11