Cardano Price Dip Below $1.00 Mark Is Buying Opportunity or Bear Trap?

• Cardano price over the longer term frame is presently placed near the significant psychological levels of $1.00, after a sharp decline from the higher levels. 
• The crypto asset is currently trying to rebond, as the coin witnessed a dip below $1.00, and now bulls are trying to hold the coin above the significant level of $1.00
• The pair of ADA/BTC is currently placed at 0.00003147 BTC with an intraday gain of +6.34%, whereas the ratio of ADA/ETH is now CMP at 0.0004504 ETH with a 24-hour change of +7.22%. 

Cardano price at the yearly chart is presently trading near the primary support zone of $0.87 to $1.10. The bulls are trying to grip the counter with slight average volume action over the weekly chart. Moving averages indicate a bearish trend over the short to the long term time span, as the crypto asset falls below all 20, 50, 100 and 200-MA lines. Volume action over the weekly chart is average and needs to improve sharply for a positive rebound from the support zone. However, the longer-term trend is still favouring the bulls until the coin manages to hold above $0.87 levels. Support on the lower end is at $0.87 and $0.79, whereas resistance on the higher side is placed at $1.62 and $1.84. 

Cardano price is trading under the strong bearish momentum at daily chart

Cardano price is trading under the strong bearish momentum, whereas the digital asset is making lower lows and lower highs. However, the crypto asset is presently trying to rebound as it falls sharply from the higher levels. The technical parameters are now giving the sign of slight stability in the short term time frame, as the is trying to recover from lower levels. ADA is trading at $1.11 with an intraday gain of +7.18%, and the volume to market cap ratio is at 0.1031. 

Relative Strength Index (NEUTRAL): Cardano price indicates a bearish momentum, while RSI is 41.73. However, it is currently trying to recover near the oversold zone, after a sharp decline from the higher zone.  

Moving Average Convergence Divergence (NEGATIVE) – MACD currently indicates a bearish trend on the daily chart as it gives a negative crossover. The seller’s signal line (red) dominates the buyer’s (green) with a negative crossover. 

Support levels: $0.87 and $0.79

Resistance levels: $1.62 and $1.84. 

DISCLAIMER

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.