Chart by TradingView
Cardano’s volume continues to decline, and with it – the price. If nothing changes, ADA may fall back to the key support.
Key Support levels: $0.30, $0.28
Key Resistance levels: $0.34, $0.38
Despite making a local higher high, bulls lost their momentum, and now the price is found in a correction towards the key support at $0.30. The resistance at $0.34 could not be tested since sellers already came to stop the uptrend at $0.32.
Trading Volume: The volume is declining, and bears appear in control of the price action at this time.
RSI: The daily RSI is falling again, and did not even manage to hit 50 points. This is bearish and shows weakness.
MACD: The daily MACD painted a bullish cross over the weekend, but now the histogram is making lower highs.
The bias for ADA is bearish.
A retest of the key support at $0.30 seems likely since buyers have failed to gather momentum on this last rally. It is important for Cardano to stay above $0.30 as the alternative may prove quite costly. A break below $0.30 would open the way for bears to target $0.28, which would extend the bearish price action for ADA.
