Cardano (ADA) Faces Increasing Pressure with Further Downward Movement Expected

Cardano’s price has recently taken a downward turn, starting from the $0.680 level and now consolidating around $0.620, indicating the possibility of further declines. Despite a brief recovery from the $0.5850 mark, the current price is below $0.640 and the 100-hourly simple moving average. A bearish trend line is forming with resistance at $0.6350 on the ADA/USD hourly chart, suggesting potential hurdles ahead. If the price manages to surpass the $0.640 resistance, it could trigger another uptick. However, the recent sessions have seen Cardano following Bitcoin and Ethereum’s lead in a downward trajectory, slipping under the $0.650 and $0.640 support levels, with a low point hitting $0.6040. The price is now consolidating at this level, with a minor uptick testing the Fibonacci retracement level. Nevertheless, resistance is currently faced near $0.6260 and the 50% Fibonacci retracement level, followed by significant obstacles at $0.6350 and $0.6480. A break above $0.6480 could signal a strong bullish trend, targeting the $0.680 resistance and possibly $0.70 in the short term. On the flip side, failure to breach the $0.6350 resistance could lead to another downturn, with support at $0.6040, followed by $0.60 and further down to $0.580. The critical level is at $0.5550, where bullish sentiment may emerge. Technical indicators show the MACD for ADA/USD gaining momentum in the bearish zone, while the RSI is currently below the 50 level. Key support levels include $0.6040 and $0.580, with major resistance levels standing at $0.6350 and $0.6480.