ADA Price Analysis: Following a 7% Weekly Plunge, Here’s the Next Support for Cardano

Key Support levels: $0.79 

Key Resistance levels: $0.91, $1

The downtrend intensified today, and ADA’s price fell over 5% on the daily chart, making a lower low. The key support is found at $0.79, and it is critical for buyers to defend this area that saved ADA back in March. A breakdown at this level would allow bears to take ADA in a much deeper correction which could take the price under $0.5.

The resistance is found at $0.91 – it used to act as support last week.

Chart by TradingView

Technical Indicators

Trading Volume: The volume increased today, which signals bears have control of the market right now.

RSI: The daily RSI is quickly approaching the oversold area at under 30 points. The RSI also made a lower low and a lower high, which indicates a clear bearish trend.

MACD: The daily MACD remains bearish, and its moving averages are expanding as they fall – this shows that the selling momentum is increasing, similar to the volume.

Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

Cardano bulls have to do their best to defend the support at $0.79. A failure there could be catastrophic for the bull case that would see ADA quickly lose its valuation. This is the last line of defense where bulls can regain control.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.