Cardano Price Analysis: ADA/USD Tests the Previous Support at $1.16; Price May Decline Further

ADA Price Analysis – April 1

As it stands now, the ADA market is volatile, with prices fluctuating from $1.05 to $1.35.

ADA/USD Market

Key Levels:

Resistance levels: $1.35, $1.40, $1.45

Support levels: $1.05, $1.00, $0.95

ADAUSD – Daily Chart

Since the last two days, the massive drop has been positioning ADA/USD in a decline mode. Looking at the daily chart, the trend is maintaining within the sideways movement above the 9-day and 21-day moving averages. Meanwhile, the coin has touched the previous support at $1.21 while a potential pullback may likely take the price up to retest the $1.25 resistance level above the moving averages.

What to Expect from Cardano

If ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $1.05, $1.00, and $0.95. On the upside, the bulls need to push the price above the channel to reach the resistance at $1.35, $1.40, and $1.45 levels. Meanwhile, the technical indicator RSI (14) may move towards the south, which may likely introduce more bearish signals into the market.

ADA/BTC Market: Price Remains within the Channel

Against BTC, we can easily see that the coin has been unstable since the beginning of this month, but presently, the price action has recently managed to break above the channel to reach the resistance level at 2040 SAT. Any effort by the buyers to move further may likely push the price to the resistance level of 2400 SAT and above.

ADABTC – Daily chart

In other words, if Cardano crosses down a little bit, the market is expected to reach the support zones of 1700 SAT and 1600 SAT price levels. Meanwhile, the technical indicator RSI (14) confirms that the market may be moving towards the negative side as the signal line moves below 50-level.