Chart by TradingView
Cardano continues to fall, and the price action remains bearish. The main consideration for ADA now is if the bulls are able to defend the key support level.
Key Support levels: $0.30, $0.28
Key Resistance levels: $0.33
ADA’s price appears poised to fall below the critical level at $0.30. Should that happen, then the next key level to watch for is found at $0.28. The resistance is at $0.33, and Cardano was recently rejected, which started the current downtrend.
Trading Volume: The volume is low, but this may soon change if ADA falls under $0.30. Such a breakdown could increase the appetite from sellers again.
RSI: The daily RSI is falling back to 30 points which makes the outlook bearish.
MACD: The daily MACD is bearish, and the histogram is making lower lows again, which indicates the selling momentum may pick up again soon.
The bias for ADA is bearish.
With the bulls on the defensive and with little hope of success, Cardano may soon revisit levels not seen since January 2021, when ADA rallied from 18 cents to 35 cents. Now, in November 2022, the price is moving in the opposite direction and is about to break under 30 cents.
