Cardano (ADA) Slips Below $0.7350 Amid Renewed Selling Pressure

Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, has recently faced renewed selling pressure, with its price declining from the $0.820 zone. The cryptocurrency is currently consolidating losses and at risk of further losses below the $0.7350 level.

ADA price started a fresh decline below the $0.80 and $0.7650 levels, trading below $0.7750 and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $0.7620 on the hourly chart of the ADA/USD pair. The pair could start another increase if it clears the $0.7750 resistance zone.

After a decent increase, Cardano faced resistance near the $0.820 zone, forming a short-term top and recently starting a fresh decline, underperforming Bitcoin and Ethereum. There was a move below the $0.80 and $0.7650 levels, with the price pushing below $0.750. A low was formed at $0.7362, and the price is now consolidating losses. It is well below the 23.6% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low.

Cardano price is now trading below $0.7650 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.750 zone. The first resistance is near $0.7620, with a connecting bearish trend line forming with resistance at $0.7620 on the hourly chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low. The next key resistance might be $0.7680. If there is a close above the $0.7680 resistance, the price could start a strong rally, potentially rising toward the $0.80 region. Any more gains might call for a move toward $0.850 in the near term.