Analysts are curious as to what is happening as predictions portray that the coin won’t be staying stable here long and will continue its decline further down.
Cardano (ADA) went high nicely to the $0.0850 mark and above it but it started its decline against the United States Dollar (USD).
The $0.070 and the $0.650 support marks were briefly tested before ADA broke free on its downward sling to the $0.630 support line where the downfall couldn’t be kept stagnant and along with its fall in the simple moving average (SMA) in the four (4) hour time frame, below 55.
The $0.0600 and then to the $0.0500 support points didn’t eke out with ADA rampaging to the $0.0498 where the price, as of right now, is correcting itself.
The twenty-three (23.6%) percent Fibonacci retracement level in the range: high at $0.0712 to $0.498 on the lower bound gives a resistance mark at $0.549. The four (4) hour chart shines some light on the $0.0568, that spurts up another resistance mark.
The next resistance mark above these lies at the $0.0600 mark. The fifty percent (50%) Fibonacci retracement level has $.0605 as the next pit stop for the range $0.0712 high and $0.498 low.
While $0.0630 resistance point will prove to be a safe haven if it is surpassed by Cardano. After the $0.0630 mark, the resistance point for ADA will be $0.0762. ADA will find itself in a beneficial spot if it slides in between the $0.0568 to $0.0600. Below it, a decline may initiate again.
In the near term, if things stay as they are, ADA will lose its current support level of $0.0510 to the $0.0498 mark. The final prediction as of now will put Cardano at the $0.0480 mark as the lowest support.