ADA Drops 14% Weekly, Could It Drop to $0.45? Three Things to Pay Attention to From Now on (Cardano Price Analysis)
cardano‘s correction continued this week and may not stop anytime soon.
Key Support levels: $0.46, $0.40
Key Resistance levels: $0.60, $0.65
1. Rejection in Key Resistance
Due to ADA’s failure to move above 60 cents, the price continued its downtrend and is currently moving towards the key support at 46 cents. This confirms the bearish momentum and buyers may not return until much later.
Chart by TradingView
2. Momentum Has the Advantage of Sellers
Momentum indicators show that sellers currently have the upper hand. ADA lacks the buying volume to reverse this downtrend and can only attempt a recovery once key support is retested.
Chart by TradingView
3. MACD is in decline
The 3-day MACD is showing a bearish trend, and the bearish momentum accelerated last week. This can be clearly seen in the MACD histogram, which has made lower lows since the bearish crossover.
Chart by TradingView
Prejudice
ADA’s trend is downward.
Short Term Forecast on ADA Price
There are no buyers and they can only return when ADA reaches a significant discount. This seems most likely to happen once the price reaches the 46 cents support.
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Cryptocurrency charts from TradingView.
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