Crypto Technicals: Cardano set to resume weakness, recovery attempts capped below 200-DMA

ADA/USD chart - Trading View

Exchange - Kraken

Support: 0.0517 (lower BB); Resistance: 0.0608 (20-DMA)

Technical Analysis: Bias Bearish

Cardano consolidates below 200-DMA, is set to resume downside.

Upside remains capped at 20-DMA and price action is below major moving averages.

RSI is below 50 mark and Stochastics RSI is on verge of rollover from overbought levels.

GMMA indicator supports downside. Short-term MAs have crossed below the Long-term MAs.

The longer-term MAs have shown a compression and turn in direction, indicating a shift in major trend.

Turn in 5-DMA will see resumption of downside. Next major support lies at 0.05. Break below will see dip till 78.6% Fib at 0.04291.

On the flipside, break above 200-DMA will negate near-term bearishness.

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