Key Support Levels: $1, $0.78
Key Resistance Levels: $1.2, $1.6
Cardano failed to move above the key resistance at $1.2, and the price is now found to be in a correction that could push it all the way to $1. Based on the selling volume that is currently coming in, buyers need to step in to prevent further downside pressure.
technical indicators
trading volume: Volume closed in the red for two consecutive days. It is bearish and shows that ADA has lost its upward momentum.
RSI: The daily RSI is declining after reaching the overbought zone during the rally. The price is likely to bounce higher as it approaches $1 which will place the RSI near the mid-point level (50).
MACD: Daily MACD completed a bearish crossover today. If the daily candle closes like this, the cards may have a longer correction.
Partiality
The bias for ADA is bearish.
short term prediction for ADA price
If sellers become more confident with a fall in price, the likelihood of ADA falling to $1 or so is likely. The bearish crossover on the MACD is a significant change in trend, and buyers should be very cautious at this point.
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Cryptocurrency charts by TradingView.