This Is ADA’s Nearest Support To Watch This Week After 15% Crash (Cardano Price)
cardano fell below major support as the bears took over the market.
Key Support levels: 0.38 USD
Key Resistance levels: $0.46, $0.60
1. Key Support Lost
ADA lost support at 46 cents and this has now turned into significant resistance. That’s why the price dropped 9% today. Given the current momentum, the cryptocurrency is expected to hit new lows before a recovery is expected.
Chart by TradingView
2. Sales Momentum Intensifies
This latest decline occurred on increased volume, which is a bearish sign. This also shows that sellers have complete control over the price movement and cannot be satisfied until it reaches the key support at 38 cents.
Chart by TradingView
3. RSI is Almost Oversold
The daily RSI is approaching the oversold zone below 30 points. If ADA drops that much, sellers may run out, providing an opportunity for buyers to return.
Chart by TradingView
Prejudice
ADA’s trend is downward.
Short Term Forecast on ADA Price
Key support has risen to 38 cents and bears may aim to take ADA there before buyers bounce back.
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Cryptocurrency charts from TradingView.
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