Cardano price has started a modern decline below the USD 0.3550 zone. ADA is consolidating above $0.3400 and may attempt a recovery wave.

• ADA price started moving down below the USD 0.3500 support level.
• The price is trading below $0.3520 and the 100-hour straightforward moving average.
• A key bearish trend line is forming on the hourly chart of the ADA/USD pair with resistance at $0.3460 (data source from Kraken).
• The pair may continue falling if it stays below the resistance zone at $0.3520.

Cardano price consolidates losses

After testing the resistance at $0.3680, Cardano had difficulty continuing its gains. ADA formed a short-term high and started a modern decline, similar to Bitcoin and Ethereum. There has been a move below the $0.3550 and $0.3500 support levels.

Before the bulls emerged, the price even dropped below $0.3450. The bottom was formed at USD 0.3409 and the price is currently consolidating losses. There was a slight move above the $0.3450 level. The price was testing the 23.6% Fib retracement level in a move down from a high of $0.3681 to a low of $0.3409.

Cardano price is currently trading below $0.3520 and the 100-hour straightforward moving average. On the other hand, the price may face resistance near the $0.3460 zone. A key bearish trend line is also forming on the hourly chart of the ADA/USD pair with resistance at $0.3460.

The first resistance is located near $0.3520 or the 50% Fib retracement level as it moves down from a high at $0.3681 to a low at $0.3409. The next key resistance could be the USD 0.3550 level. If there is a close above the resistance at $0.3550, the price could begin a mighty rally. In the given case, the price may enhance towards the USD 0.3680 region. Further gains may require a move towards $0.400.

More ADA flaws?

If Cardano price fails to break above the $0.3550 resistance level, another decline could begin. Immediate downside support is located near the $0.3420 level.

The next essential support is located near the USD 0.3400 level. A downside break below the $0.3400 level could open the door to a test at $0.3250. The next major support is near the $0.3120 level, where bulls may emerge.

Technical indicators

Hourly MACD – MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently below the 50 level.

Major support levels – USD 0.3400 and USD 0.3350.

Major resistance levels – USD 0.3460 and USD 0.3550.