Cardano’s native token, ADA, has fallen below the $1 mark, following negative sentiment in the crypto markets. This level is the lowest level since April 2021, despite the light being down on Saturday. ADA is now down 68% from its ATH since September.
Key Support Levels: $0.9, $0.67-0.7
Key Resistance Levels: $1, $1.2
ADA was getting a temporary respite over the weekend, but that quickly changed when prices fell on Monday.
The bears seem to be in full control of the market as it looks like ADA is moving higher towards the next support at $0.9. If the latter does not hold, the next major support area lies further below – $0.67-0.7 (Fibonacci levels + February lows).
trading volume: Higher volumes followed the most recent crash which is a bearish signal and a red flag. The last six of the seven daily candles were red.
RSI: The daily RSI crashed after the most recent high of $1.6, rising 65 points to 36. This indicates continued selling pressure. However, the RSI has not yet entered the oversold zone, indicating that the sell-off is not over.
MACD: Last Friday, the daily MACD formed a bearish crossover, which only intensified in the following days. There are currently no signs of a possible reversal.
current bias is recession, ADA also went through a lower low in 2022, indicating a downtrend.
short term prediction for ADA price
Due to the lack of buyers, and like the negative sentiment of the crypto markets, the price of ADA continued to decline during the past week and bounced very slightly during the weekend.
Today, the price continued south. For this reason, it is too early to expect a reversal and the most likely case for Cardano is a bearish continuation turning $1 into solid resistance.
PrimeXBT Special Offer: Use this link and enter code POTATO50 to get 25% off on trading fees.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.