Cardano (ADA)Crypto News

Cardano Price Analysis: ADA On Critical Support, $ 1 Coming?

Major support levels: $ 1.2, $ 1

Key Resistance Level: $ 1.3, $ 1.5

ADA is currently retesting the USD 1.2 support which must hold. Otherwise, the next major support level will be found at USD 1. the resistance at $ 1.3 has not tested in over a week indicating strong weakness on the bull side. The pressure is increasing and each slide down can result in a significant drop, especially when there is a lot of fear in the market.
Chart according to TradingView

This is what awaits you in this article

Technical indicators

Trading Volume: The volume continues to decrease. ADA’s only success so far has been in not falling short of key support, but this can change quickly with increasing pressure.

RSI: Despite some hope that the RSI has hit higher lows in the past, at the time of this post the RSI is curving back down and appears bearish. That will probably not change without renewed pressure to buy.

MACD: The MACD on the daily timeframe is bullish. However, on lower time frames such as 4 hours, the MACD is bearish and appears to be sloping back down. If this continues, it will be reflected in higher timeframes as well.
Cardano Price Analysis: ADA On Critical Support, $ 1 Coming?, Crypto Trading NewsChart according to TradingView

Bias

The current trend is neutral with many bearish signals.

Short term forecast for the ADA price

It is best to be careful as any break of the USD 1.2 support will change the bias bearishly and the price can quickly drop to USD 1. Right now there is a lack of buyers in the market and there are many weaknesses across the board.

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Source: Crypto News Deutsch

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