Cardano (ADA) Could Recover Strongly If It Smashes This Barrier

Oct 9, 2024 06:00 am Cryptocurrency 10

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave.

ADA price started a downward move below the $0.3500 support level.

The price is trading below $0.3520 and the 100-hourly simple moving average.

There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken).

The pair could continue to move down if it stays below the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the $0.3680 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels.

The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is ..

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