Cardano’s price has failed to continue its upward momentum after failing to break above the key $1.2 resistance level.
Moreover, ADA plunged below the $1 mark during today’s market crash.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the ADA/USDT pair, the price has been dropping lower after failing to reach the $1.2 resistance zone once again. It is currently consolidating inside a large falling wedge pattern, and a retest of its lower boundary is the most probable scenario in the coming days.
Yet, as long as the price remains higher than the 200-day moving average, which is located around the $0.6 level, the overall market trend can still be considered bullish.
The BTC Paired Chart
Looking at the BTC paired chart, the price action is almost identical to that of the USDT pair. ADA is currently testing the 900 SAT support level and is on the verge of breaking it to the downside.
This breakdown could result in a decline toward the 200-day moving average, around the 750 SAT mark. With the RSI also showing values below 50%, the momentum is in favor of this bearish scenario.
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Cryptocurrency charts by TradingView.
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