Chart by TradingView
Cardano had a difficult opening on Monday when the price quickly dropped. In the process, the cryptocurrency made a lower low.
Key Support levels: $0.35, $0.30
Key Resistance levels: $0.38, $0.40
ADA peaked at 40 cents, and since then, the price has entered a downtrend that continued throughout February. The current support level is found at 35 cents after buyers failed to stop the correction at 38 cents which has now turned into a resistance.
Trading Volume: The volume closed in red five days in the past week. This indicates bears have the upper hand.
RSI: The daily RSI fell under 50 points and did not manage to reverse and break above. This is bearish.
MACD: The daily MACD histogram is on the negative side, and buyers don’t seem to have the strength to turn this around.
The bias for ADA is bearish.
Cardano’s failure to break the resistance at 40 cents has turned the price action bearish. Should the support at 35 cents fail, then it would become more likely for ADA’s price to fall to 30 cents toward the end of February.
