Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.58

ADA price started a downside correction from the $0.6840 zone against the US Dollar.
The price is now trading below $0.650 and the 55 simple moving average (4 hours).
There was a break below a major bullish trend line with support near $0.6480 on the 4-hour chart (data feed via Coinbase).
The price could start a fresh increase if it clears the $0.6260 and $0.650 resistance levels.

Cardano’s price is struggling below $0.650 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.650 resistance.

In the past few days, Cardano’s price started a steady increase above the $0.620 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.650 and $0.6650 levels.

The price tested the $0.6840 zone. The recent high was formed near $0.6839 and the price corrected lower. There was a move below the $0.650 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.5690 swing low to the $0.6839 high.

There was a break below a major bullish trend line with support near $0.6480 on the 4-hour chart. ADA price is now trading below $0.650 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.6260 zone. The next major resistance is near the $0.650 zone. A clear move above the $0.650 resistance might start a strong increase toward $0.6840. Any more gains above the $0.6840 resistance might send the price toward the $0.720 resistance or even $0.750.

On the downside, immediate support is near the $0.5950 level or the 76.4% Fib retracement level of the upward move from the $0.5690 swing low to the $0.6839 high. The next major support is near the $0.580 level.

A clear move below the $0.580 level might send the price toward the $0.5650 level. Any more losses might send the price toward the $0.5250 support.

The chart indicates that ADA price is now trading below $0.650 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.6260 and $0.650 resistance levels.