Cardano (ADA) Downtrend Deepens—Rebound Possible?

A comeback wave over $0.680 failed for Cardano. ADA is consolidating at $0.650 and risking additional losses.

ADA fails to break $0.70 resistance.
The price is below $0.680 and the 100-hour SMA.

On the hourly ADA/USD chart, a bullish trend line with support at $0.6720 broke.

The pair might rise again if it breaks $0.70 barrier.
Cardano Drops Again

Cardano, like Bitcoin and Ethereum, recovered from $0.6350 in recent days. ADA broke through $0.680 and $0.6880 barrier.

However, bears were active over $0.70. The price reversed most gains after reaching $0.7090. Price fell below $0.650. In addition, the hourly ADA/USD chart broke below a positive trend line with support around $0.6720.

The price is consolidating losses at the 23.6% Fib retracement level of the current slide from the $0.7090 swing high to the $0.6356 low. Cardano is below $0.680 and the 100-hour SMA.

On the upside, resistance may be approaching $0.6720 or the 50% Fib retracement level of the current slide from $0.7090 swing high to $0.6356 low. Around $0.6950 is the initial resistance. The next hurdle may be $0.700.

If the price closes over $0.70 barrier, it might surge strongly. In this situation, the price may reach $0.7420. More advances may lead to $0.7650 soon.

Another ADA Drop?
If Cardano fails to break $0.6720 barrier, it might fall again. Near $0.6420 is immediate downside support.

Near $0.6350 is the next key support. A drop below $0.6350 might challenge $0.620. The next significant support is $0.60, where bulls may appear.

Tech Indicators

Hourly MACD - ADA/USD MACD is losing negative momentum.

Hourly ADA/USD RSI is below 50.

Key Support Levels: $0.6420, $0.6350.

Major resistance levels: $0.6720, $0.7000.

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