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Home » Price Analysis » Cardano Price Analysis: Following a 10% Weekly Crash, ADA Bulls Defend $2 Support

Cardano Price Analysis: Following a 10% Weekly Crash, ADA Bulls Defend $2 Support

Author: Yaz Sheikh

Last Updated Sep 21, 2021 @ 14:23

Cardano spiked below $2 briefly following yesterday’s marketwide crash. However, the bulls stepped in and defended this critical level.

Getting your audio player ready...

ADA/USD – Buyers Battle To Defend $2

Key Support Levels: $2.05, $2.00, $1.88.
Key Resistance Levels: $2.21, $2.33, $2.40.

ADA managed to find support at $2 today as it rebounded from the .618 Fib level. The cryptocurrency is still down 10% over the week, $2 is looking to be a promising threshold for the bulls.

The cryptocurrency developed strong support at $2.40 last week but fell beneath it over the weekend. During the market capitulation yesterday, ADA dropped below the 50-day MA level at $2.30 and continued lower until it found the .618 Fib support at $2.05. Today, it did spike beneath $2, reaching as low as $1.91, but did quickly rebound.

adausd-sep21-min
ADA/USD Daily Chart. Source: TradingView.

ADA-USD Short Term Price Prediction

Looking ahead, the first support lies at $2.05 (.618 Fib). This is followed by $2.00, $1.88 (downside 1.414 Fib Extension), $1.80 (100-day MA), and $1.75 (.786 Fib).

On the other side, the first resistance lies at $2.21 (bearish .236 Fib). This is followed by $2.33 (50-day MA), $2.40 (bearish .382 Fib), $2.55 (bearish .5 Fib & 20-day MA), and $2.70 (bearish .618 Fib).

As expected, the RSI is beneath the midline as the sellers control the market momentum.

ADA/BTC – Market Finds Support AT 4800 SAT

Key Support Levels: 5000 SAT, 4710 SAT, 4600 SAT.
Key Resistance Levels: 5050 SAT, 5400 SAT, 5800 SAT.

ADA also found solid support at 4800 SAT yesterday, which allowed the market to rebound and break back above 5000 SAT. The coin fell beneath 5000 SAT at the start of the weekend and continued lower until the support was found at 4800 SAT.

Today’s bounce has allowed ADA to break back above 5000 SAT and climb above the 50-day MA level. It is now battling the May 2021 highs.

adabtc-sep21-min
ADA/BTC Daily Chart. Source: TradingView.

ADA-BTC Short Term Price Prediction

Looking ahead, the first resistance lies at 5050 (May 2021 highs). This is followed by 5400 SAT (20-day MA), 5800 SAT, and 6000 SAT.

On the other side, the first support lies at 5000 SAT (50-day MA), 4715 SAT (.5 Fib), 4600 SAT, and 4350 SAT(.618 Fib & 100-day MA).

Again, the RSI slipped beneath the midline as the bears took control. Today’s rebound has started to reduce the bearish pressure.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Cardano (ADA) Price
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About The Author

Yaz Sheikh
More posts by this author

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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