ADA Drops 15% on the Week But Are Bulls Ready to Bounce? Three Things to Watch Next (cardano Pri
Cardano’s rally is over and the bears are on the attack.
Key Support levels: $0.46, $0.40
Key Resistance levels: $0.60, $0.65
1. Price Movement Turns Bearish
ADA has lost 15% of its valuation in the last seven days and sellers have managed to pull the price back to key support at 46 cents. The price bounced once but it is interesting to see if buyers can rally again.
Chart by TradingView
2. Momentum Indicators Status
The MACD and RSI are falling, and if this recent rise turns into a lower high, this could just be the beginning of a correction. The key support must hold. Otherwise, ADA will see lower levels. The resistance at 60 cents needs to be broken to reverse this bearish trend.
Chart by TradingView
3. MACD Bearish Cross
The 3-day MACD has shown a bearish trend this week. This is a significant change in price movement that indicates lower levels are likely in the future.
Chart by TradingView
Prejudice
ADA’s trend is downward.
Short Term Forecast on ADA Price
Watch closely for key support at 46 cents. If buyers fail to keep ADA above this level, the next key level will be found at 40 cents.
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Cryptocurrency charts from TradingView.
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