Author:
Cardano tried to rally last week, but bears took over the price action during the weekend.
Key Support levels: $0.30
Key Resistance levels: $0.35, $0.38
With sellers on the offensive, ADA is found in a downtrend after it failed to breach the key resistance at 38 cents. Today, the bears managed to push the price under $0.35 which could open the way for this cryptocurrency to fall all the way to $0.30, where the key support awaits.
Trading Volume: The volume has been declining, but bears continue to dominate the price action.
RSI: The daily RSI fell under 50 points today, which is a negative signal.
MACD: The daily MACD histogram is making lower highs and may do a bearish cross later this week if the momentum continues to favor the sellers.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
With the uptrend lost, buyers are on the defensive. The best chance to reverse this bearish momentum is to reclaim the level at 35 cents. Otherwise, bulls will be more likely to retreat to the 30 cents support where they were successful in the past.
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Cryptocurrency charts by TradingView.
