ADA About to Hit $0.30, Can Bulls Save The Day? (Cardano Price Analysis)

Cardano had no relief since the support at 35 cents was broken to the downside. With buyers absent, the price has only one direction at the moment.

Key Support levels: $0.30

Key Resistance levels: $0.35

ADA is quickly approaching the key support at 30 cents. Bears have total control of the price action, which has remained bearish since mid-February. The current resistance is at 35 cents, and it will likely not be tested until the cryptocurrency finds support.

ADAUSDT_2023-03-07_16-16-44 — Chart by TradingView

Trading Volume: The steady sell volume has pushed the price lower almost daily. Buyers are nowhere to be seen at this time.

RSI: The daily RSI is at 34 points and may soon reach the oversold area at under 30 points.

MACD: The daily MACD remains bearish, with the moving averages continuing to fall. There is no sign of a possible reversal yet.

ADAUSDT_2023-03-07_16-17-02 — Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

The current price action remains bearish, and it’s important to see how the market will develop in the coming week following a few important macroeconomic events.

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Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/ada-about-to-hit-0-30-can-bulls-save-the-day-cardano-price-analysis/