ADA Price Analysis: Cardano Sheds 8% Daily, is $1 in Sight?

Key Support levels: $1, $0.78 

Key Resistance levels: $1.2, $1.6

Cardano failed to move above the critical resistance at $1.2, and the price is now found in a correction that could push it all the way to $1. Based on the selling volume that’s currently coming in, buyers need to step up to prevent further downward pressure.

Chart by TradingView

Technical Indicators

Trading Volume: The volume closed in red for two days in a row. This is bearish and shows ADA has lost its upward momentum.

RSI: The daily RSI is falling after reaching the overbought zone during the rally. It is likely for the price to bounce as it approaches $1 which would place the RSI around the mid-point level (50).

MACD: The daily MACD just completed a bearish crossover today. If the daily candle closes like this, then a more prolonged correction might be in the cards.

Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

ADA seems likely to fall to $1 or even lower if sellers become more confident as the price drops. The bearish crossover on the MACD is a significant change in the trend, and buyers should be very careful at this time.

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