In the past few days, the price of Cardano (ADA), the 10th largest cryptocurrency by market capitalization, has followed a bearish path from above $0.105.
The price of the digital token further settled below the $0.100 support and 100 simple moving average. The price dip further gained momentum below the $0.095 support level before the resurgence of the bulls around the $0.088 price level.
Source: ADAUSD on Trading View
A new monthly low is formed near $0.0882 and the price is currently correcting higher. It recovered above the $0.0920 and $0.0935 levels.
It is also of note that there is a crucial bearish trend line forming with resistance near $0.0960 on the 4-hours chart of the ADA/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.0999 high to the $0.0882 low.
A break above the trend line resistance and $0.096 could push the price towards the next key resistance at $0.100 and 100 simple moving average.
In order to continue the positive trend, ADA price must break and maintain its footing above the $0.100 resistance level.
The next notable resistance levels stand at $0.1072 and $0.1120. At the time of writing, ADA is trading at $0.094855, with a 0.64% price uptrend in the last 24 hours.
Possible Trend for Cardano (ADA) Price
There is a possibility for a fresh decline if Cardano (ADA) fails to break above $0.0960 and $0.1000 resistance levels. Considering the current price of ADA, its initial support is near $0.092.
The main support is currently forming near $0.0900 and $0.0880. So, a clear break below $0.0880 support level may initiate a price plunge towards $0.0820.