Will Cardano Lose This Critical Support? Here’s the Next Bearish Target (ADA Price Analysis)

Cardano’s stock price is continuing its downward trend and may fall below a critical support level, which could take ADA below 40c.

Key Support levels: $0.42, $0.38

Key resistance levels: $0.47, 0.50

ADA has reached a critical point as buyers have failed to reverse the trend. The cryptocurrency could fall to $0.38 if sellers can break below $0.42 and maintain the pressure. Resistance is at $0.47. ADA is unlikely to see a significant recovery due to the lackluster buying momentum.

Chart by TradingView

Technical Indicators

Volume of Trading: The volume was flat and closed mostly in red. This means that the price action is controlled by bears.

RSI: The daily RSI has fallen to below 40 points. If the selling continues at this rate, the RSI could reach oversold conditions (under 30,) in the next few days.

MACD: Daily MACD is bearish. Although the sell momentum doesn’t appear to be very strong, bears continue dominating the price.

Chart by TradingView

Bias

The bias for ADA has been bearish.

Prediction of ADA price in the short-term

ADA is in a difficult spot due to the latest push by sellers. Failure to defend the price at $0.42 will result in a rapid defeat and collapse to $0.38. Cardano will likely fall to this scenario if there is no change in price action.

The post Will Cardano lose this critical support? The post Here’s the Next Bearish Target (ADA price analysis) appeared first on CryptoPotato.

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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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