Cardano Price Analysis: ADA Crashes by 7% and Loses a Critical Support, What’s Next?
ADA lost a critical support level which was defended five times in the past, but now bears took control.
Key Support levels: $0.38
Key Resistance levels: $0.45, $0.50, $0.55
The breakdown of the key support-turned-resistance at $0.45 places ADA on a collision course, with the next support level being at $0.38. The pressure from sellers was too much, and now the price has resumed its path on the broader downtrend.
Technical Indicators
Trading Volume: The volume spiked as the price fell today – this is bearish and shows sellers have control of the price action.
RSI: The daily RSI is falling towards 30 points and has made a lower low. This places ADA in a bearish trend.
MACD: The daily MACD did a bearish cross yesterday, and this only intensified in momentum today.
Bias
The bias for ADA is bearish considering the latest price action.
Short-Term Prediction for ADA Price
With bears in full control of the price action, ADA is looking more probable to test the key support at $0.38 before any hope of a reversal can appear.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow