Original source WeChat public account: Chen Bailan Bu Bailan.

Cardano's price has begun a new round of decline.

After struggling to break through the 1.00 USD Resistance zone, Cardano has started to drop again like Bitcoin and Ethereum. ADA fell below 0.9650 USD and 0.950 USD.Resistance。

Recent highs formed at 0.9495 USD, after which the price started to decline. It fell below the 0.920 USD Resistance. The price dropped below the 50% Fibonacci retracement level of the upward trend from the swing low of 0.8628 USD to the high of 0.9495 USD.

Cardano's price is currently below 0.925 USD and 100 hours.Simple Moving AverageOn the upside, the price may face resistance around the 0.920 USD area. A bearish Trendline has also formed on the hourly chart for ADA/USD, with the resistance at 0.92 USD.

The first Resistance is around 0.9350 USD. The next key Resistance could be at 0.950 USD. If the closing price is above the 0.950 USD Resistance, the price may start to rebound strongly. In this case, the price may rise to the 1.00 USD area. If there is further increase, it may fall to 1.050 USD in the short term.

Is ADA suffering heavy losses?

If Cardano's price fails to break above the 0.920 USD Resistance, it may drop again. The direct support on the downside is around 0.8950 USD, which is the 61.8% Fibonacci retracement level of the upward movement from the swing low of 0.8628 USD to the high of 0.9495 USD.

The next major support is around 0.865 USD. If it breaks below 0.8650 USD, it may test 0.820 USD. The next major support is around 0.8050 USD, where bulls may appear.