Critical Support Put to Test as Cardano Stagnates at $0.43, is a Crash Imminent? (ADA Price Analysis)
The post Critical Support Put to Test as Cardano Stagnates at $0.43, is a Crash Imminent? (ADA Price Analysis) appeared on BitcoinEthereumNews.com. ADA is in a difficult place with its price trading inches above a critical support. Losing that...
ADA is in a difficult place with its price trading inches above a critical support. Losing that level could spell big trouble for the cryptocurrency.
Key Support levels: $0.43, $0.38
Key Resistance levels: $0.50, $0.56
Buyers managed to save ADA to date and protect the key support at $0.43. However, the price has failed to move away from this critical level, making a retest very likely. If sellers continue to put pressure, then ADA could fall lower. The resistance remains at $0.50.
Chart by TradingViewTechnical Indicators
Trading Volume: The volume has been declining, and buyers appear weak at this time. ADA is at a critical moment.
RSI: The daily RSI is flat and under 50 points. This may turn out to be bearish if bulls fail to step up.
MACD: The daily MACD remains bearish. To date, buyers have not managed to bring sufficient volume to create a bullish cross, even if it appears close.
Chart by TradingViewBias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
The price action does not inspire confidence, and ADA may fall to the next level of defense at $0.38. This would turn the current support at $0.43 into resistance and push Cardano into a sustained downtrend.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
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/critical-support-put-to-test-as-cardano-stagnates-at-0-43-whats-next-ada-price-analysis/
Post navigation
Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.
If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us
