Cardano (ADA) Faces 10% Decline, Bearish Trend Persists

Cardano (ADA) has recently experienced a decline, starting from the $0.680 zone. The cryptocurrency is currently consolidating near the $0.620 mark, indicating potential for further losses. ADA's price has been trading below $0.640 and the 100-hourly simple moving average, suggesting a bearish trend. A connecting bearish trend line is forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair. If ADA fails to surpass the $0.6350 resistance level, it could face another decline, with immediate support near the $0.6040 level. The next major support levels are at $0.60 and $0.580, with a potential test of $0.5550 if the price breaks below $0.60.

On the upside, ADA might face resistance near the $0.6260 zone and the 50% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low. The first resistance is near $0.6350, with the next key resistance at $0.6480. If there is a close above the $0.6480 resistance, ADA could start a strong rally, potentially rising toward the $0.680 region and even $0.70 in the near term. However, the hourly MACD for ADA/USD is gaining momentum in the bearish zone, and the hourly RSI is below the 50 level, indicating a bearish sentiment.

In summary, Cardano (ADA) is currently under pressure, with potential for further downside. The cryptocurrency is facing resistance at key levels, and technical indicators suggest a bearish trend. If ADA fails to surpass the $0.6350 resistance, it could face another decline, with support levels at $0.6040, $0.60, $0.580, and $0.5550. On the other hand, if ADA manages to close above the $0.6480 resistance, it could start a strong rally toward the $0.680 region and even $0.70. However, the current bearish sentiment and technical indicators suggest that more downside is on the horizon for ADA.