Cardano Price Analysis: ADA/USD Revisits the Previous Support at $1.31

Cardano Price Analysis – January 3

According to the daily chart, the ADA market is down as the coin slides below the moving averages to touch the low of $1.30.

ADA/USD Market

Key Levels:

Resistance levels: $1.60, $1.70, $1.80

Support levels: $1.10, $1.00, $0.90

ADA/USD is currently trading at $1.31 as the bears delay the coin from crossing above the upper boundary of the channel. Yesterday, the Cardano price encountered higher resistance at $1.39 and later dropped below the opening price. Today, Cardano price is down by 4.28% of its value and the downside momentum may be gaining traction.

Cardano Price Analysis: ADA Price May Push Lower

At the time of writing, ADA/USD is changing hands at $1.31 as the coin keeps trading below the 9-day and 21-day moving averages with a 4.28% loss since the start of the day, though it is still following a sideways movement on a day-to-day basis but the Relative Strength Index (14) is facing the south. On the intraday chart, ADA/USD may move below to touch the next support at $1.20.

However, a sustainable move below this area could worsen the short-term technical picture and allow for an extended decline towards $1.10, $1.00, and $0.90 supports. On the upside, a return above the 9-day and 21-day moving averages may help to mitigate the immediate bearish pressure. The price could return inside the previous consolidation range and get a chance to cross above the channel to hit the resistance levels of $1.60, $1.70, and $1.80 respectively.

ADA/BTC Market: The Price Are Likely to Drop More

Against BTC, the direction of the market is trading sideways. Although the price is still unstable; trading at a price level of 2871 SAT. A low swing could reach the 2700 SAT support level and below, creating a new low for this month. For now, the bears are gaining ground while they are declining; now slowly in action as the Relative Strength Index (14) is likely to move below 50-level.

In other words, a rebound is likely to occur if the signal line moves above 60-level and the coin crosses above the 9-day and 21-day moving averages to reach the potential resistance at 3200 SAT and above.