Key Support levels: $0.90, $0.79
Key Resistance levels: $1, $1.2
This Monday saw the market open in red, and ADA dropped 5% in a few hours. The support at $0.90 is struggling to prevent the cryptocurrency from falling lower but will likely fail if the selling pressure continues. Should that happen, ADA has good support at $0.79. The resistance at $1 is unlikely to be tested considering the current price action.
Technical Indicators
Trading Volume: The volume picked up on this latest drop after a flat price action over the weekend. This is bad news for bulls and shows the sellers are serious.
RSI: The daily RSI made a lower high and may make a lower low again which would place the trend firmly on the bearish side.
MACD: The daily MACD remains bearish,, with the moving averages looking like they are ready to accelerate downwards if sellers maintain the pressure.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
Cardano at $0.79 by the end of this week if bears continue their assault is not out of the question. It’s also worth noting that the entire market opened in red, and this inevitably translated to troubles for ADA as well.
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Cryptocurrency charts by TradingView.
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