[ad_1]
Cardano’s volume continues to decline, and with it – the price. If nothing changes, ADA may fall back to the key support.
Key Support levels: $0.30, $0.28
Key Resistance levels: $0.34, $0.38
Despite making a local higher high, bulls lost their momentum, and now the price is found in a correction towards the key support at $0.30. The resistance at $0.34 could not be tested since sellers already came to stop the uptrend at $0.32.
Trading Volume: The volume is declining, and bears appear in control of the price action at this time.
RSI: The daily RSI is falling again, and did not even manage to hit 50 points. This is bearish and shows weakness.
MACD: The daily MACD painted a bullish cross over the weekend, but now the histogram is making lower highs.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
A retest of the key support at $0.30 seems likely since buyers have failed to gather momentum on this last rally. It is important for Cardano to stay above $0.30 as the alternative may prove quite costly. A break below $0.30 would open the way for bears to target $0.28, which would extend the bearish price action for ADA.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link