Cardano Price Analysis: ADA Deletes December’s Progress, Crashes to $1.2

Key Support levels: $1.2

Key resistance level: $1.5

The price began to fall after ADA was rejected at the $1.5 key resistance. Yesterday’s market crash saw the cryptocurrency fall back to the $1.2 support. This was the point at which the last rally in December began. Sellers will have to rise to break the key support level which has held so well.

Chart by TradingView

Technical Indicators

Trading Volume: Yesterday’s selloff was very strong and the volume has dwindled slightly today. If ADA is to remain above $1.2, bulls must be strong.

RSI: After making a lower high, the daily RSI has been falling. This trend is clearly bearish and if the ADA can’t stop it, the RSI will soon hit the oversold zone.

MACD: Yesterday’s crash caused a bearish crossover in the MACD daily. Today’s fall in the histogram and expansion of moving averages only exacerbated this trend.

Chart by TradingView

Bias

Current bias is bearish.

Prediction of ADA price in the short-term

Key support is currently under pressure and any weakness could lead to ADA reaching $1. The indicators are bearish and the daily MACD has just begun its downtrend. If the market continues to fall, it will be difficult for cryptocurrency to maintain its current price of $1.2

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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