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ADA Fails at $0.40 as Market Slows, Will $0.35 Arrive? (Cardano price analysis)
ADA failed to stay above 40 cents and bears took over in the last few days. Key Support Levels: $0.38, $0.35 Key Resistance Levels: $0.40, $0.44 With buying momentum lost, ADA fell back to key support at 38 cents and bulls will find it difficult to defend this key level due to low interest from market participants. Resistance lies at 40 cents and repelled ADA’s breakout attempt last week. The price has also formed a head and shoulders top pattern which is bearish. Chart from TradingView Trading Volume: Volume has been steadily declining over the past few days. This has to change...
ADA Fails at $0.40 as Market Slows, Will $0.35 Arrive? (Cardano price analysis)
ADA failed to stay above 40 cents and bears took over in the last few days.
Key Support Levels: $0.38, $0.35
Key resistance levels: $0.40, $0.44
As buying momentum was lost, ADA fell back to the key support at 38 cents and bulls will find it difficult to defend this key level due to low interest from market participants.
Resistance lies at 40 cents and repelled ADA’s breakout attempt last week. The price has also formed a head and shoulders top pattern which is bearish.
Chart from TradingView
Trading volume:Volume has been steadily declining over the past few days. This needs to change if ADA is to hold on to key support.
RSI: The daily RSI fell below 50 points while forming a lower high.
MACD: The daily MACD is bearish and its histogram is making lower lows. The MACD moving averages are also extending to the downside, showing that momentum currently favors sellers.
Chart from TradingView
Bias
The trend for ADA is bearish.
Short-term forecast for ADA price
It is crucial for buyers to defend the support at 38 cents. If you don't, ADA could head to 35 cents next in search of support.
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