Cardano Crashes 10% Below a Critical Support, Where’s the Bottom? (ADA Price Analysis)
Key Support levels: $0.58
Key Resistance levels: $0.75
It’s shaping up to be another difficult day for ADA holders with sellers taking no break. The critical support at $0.75 has now turned into resistance after bulls were unable to defend this important level, with prices crashing over 10% over the past 24 hours.
The next level of support is found at $0.58, and ADA looks very weak at the time of this post.
Technical Indicators
Trading Volume: The volume is increasing, and this is the fifth daily candle in red for ADA. This confirms a strong ongoing bearish momentum.
RSI: The daily RSI is one point away from entering the oversold area at under 30 points.
MACD: The daily MACD remains firmly on the bearish side, with the histogram expanding lower as the selling volume increases.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
ADA has entered a very difficult stage in the bear market. The existing support levels until 40 cents are weak and don’t give much confidence for a reversal. The loss of the $0.75 level is a major defeat as sellers continue having the upper hand.
