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12/06/2022

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Cardano Loses Moment, Here's the Key Support to Watch (ADA Price Analysis) - BitcoinEthereumNews.com

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, $0.28Key Resistance levels: $0.34, $0.38Despite making a...

Cardano Loses Moment, Here's the Key Support to Watch (ADA Price Analysis) - BitcoinEthereumNews.com

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.

ADAUSDT_2022-12-06_18-40-54
Chart by TradingView

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.

ADAUSDT_2022-12-06_18-41-09
Chart by TradingView

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.

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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.

Source: https://cryptopotato.com/cardano-loses-moment-heres-the-key-support-to-consider-ada-price-analysis/

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