Cardano (ADA) Price Analysis: Bulls Remain Pressured Around $1.20

Cardano’s (ADA) price shows signs of consolidation but the outlook remains negative for the ADA. Cardano finds strong support around $1.03, a historical support level. At the press time, ADA/USD is trading at $1.075, down 2.02% for the day.

• Cardano (ADA) price trades in negative on Tuesday.
• Cardano millionaire whales raised their holdings by 40% in January.
• The ADA price remains unaffected by the data.

Cardano millionaires address accumulation rises says IntoTheBlock

IntoTheBlock, the On-chain analytics firm reported that Cardano millionaire addresses accumulating higher despite the flat price action.

Technically speaking, the Cardano (ADA) has lost more than 50% from ATH at $2.380 made on November 9. The price remained under pressure around the descending trend line from the mentioned level.

Source: Trading view

Investors find some interesting buying opportunities around the $1.200 demand zone. However, the price failed to cross above the $1.610 horizontal level.

The Daily Relative Strength Index (RSI) momentum oscillator holds near the oversold zone with a probable bearish crossover. This again signifies the lack of bullish enthusiasm among investors.

Cardano tested an all-time low on January 22 at $0.923. Since then price is hovering near the lower levels waiting for a catalyst to decide the further course of price action.

A decisive close above the bearish slopping line will result in meeting the first target at $1.025 followed by the $1.4000.

On the other hand, if the price drops below $1.00 and gives a lower closing then it will open the gates for further lower levels for Cardano in the short term.