Cardano's recent price decline saw it drop below the $0.3500 support level, consolidating above $0.3400. This downward shift was marked by a break below a bullish trend line at $0.3600 on the ADA/USD chart from Kraken, indicating a bearish market sentiment.
The price, now trading under $0.3550 and the 100-hourly SMA, indicates consolidation of losses. Challenges at the $0.3550 and $0.3585 resistance zones hinder ADA's recovery potential, crucial for initiating a rally that could reach $0.3780 or higher. Success hinges on surpassing the $0.3685 resistance.
If unsuccessful, ADA might face a further decline, testing major supports at $0.3420 and $0.3250. Technical indicators like the MACD hint at weakening bearish momentum, while the RSI remains below 50, suggesting cautious market sentiment. Key resistance levels include $0.3550 and $0.3685.
