Cardano (ADA) is moving lower below the $0.620 resistance zone. ADA could gain bearish momentum and decline toward the $0.50 support.
- ADA price is slowly moving lower from the $0.670 zone.
- The price is trading below $0.620 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could attempt a fresh increase if the bulls remain active above the $0.560 support.
Cardano Price Reaches Key Support
In the past few days, Cardano saw a steady decline from the $0.670 resistance zone, like Bitcoin and Ethereum. ADA price declined below the $0.650 and $0.620 levels to enter a bearish zone.
It even declined below $0.580 and tested $0.560. A low is formed at $0.5592 and the price is consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. ADA price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6010 zone. There is also a key bearish trend line forming with resistance at $0.6008 on the 4-hour chart of the ADA/USD pair. The first resistance is near $0.6150 or the 50% Fib retracement level of the downward move from the $0.6701 swing high to the $0.5592 low. The next key resistance might be $0.6280. If there is a close above the $0.6280 resistance, the price could start a strong rally.