Cardano price has started a downward correction below the $1.00 zone. ADA is consolidating and facing headwinds near the $0.920 and $0.950 levels.

• ADA price has started moving down below the USD 1.00 support zone.
• The price is trading below $0.950 and the 100-hour basic moving average.
• On the hourly chart of the ADA/USD pair, a connecting bearish trend line is forming with resistance at USD 0.92 (data source from Kraken).
• The pair could start another rally if it clears the $0.950 resistance zone.

Cardano price begins a modern decline

After struggling to clear the resistance zone at $1.00, Cardano began a modern decline, much like Bitcoin and Ethereum. ADA fell below the $0.9650 and $0.950 support levels.

The last high was made at $0.9495 before the price dropped. There has been a move below the $0.920 support level. The price fell below the 50% Fib retracement level in an upward move from a low of $0.8628 to a high of $0.9495.

Cardano price is currently trading below $0.925 and the 100-hour basic moving average. On the other hand, the price may face resistance near the USD 0.920 zone. A converging bearish trend line is also forming on the hourly chart of ADA/USD with resistance at $0.92.

The first resistance is located near USD 0.9350. The next key resistance could be the $0.950 level. If there is a close above the resistance at $0.950, the price could begin a robust rally. In the given case, the price may augment towards the USD 1.00 region. Continued gains could result in a move towards $1,050 in the near future.

More ADA losses?

If Cardano price fails to break above the resistance level at $0.920, another decline could begin. Immediate downside support is located near the $0.8950 level or the 61.8% Fib retracement level for an upward move from the low of $0.8628 to the high of $0.9495.

The next critical support is near the $0.865 level. A downside break below the $0.8650 level could open the door to a test of the $0.820 level. The next major support is near the $0.8050 level, where bulls may emerge.

Technical indicators

Hourly MACD – MACD for ADA/USD is gaining momentum in a bearish zone.

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

Major support levels – USD 0.8950 and USD 0.8650.

Major resistance levels – $0.920 and $0.950.