Buying Pressure At Key Fibonacci Support Encourage Cardano for 15% Relief Rally

ADA Price Prediction: The Cardano coin price has witnessed a directional downfall for the last three weeks and plummeted to a low Fibonacci retracement support level of 0.618. From the last swing high of $0.42, the prices tumbled 27.5% and currently trade at the $0.306 mark. However, the bearish cloud continues to hover above the crypto market and could plunge the ADA price to lower levels.

Key Points: 

• The lower price rejection candle at $0.3 support indicates the ADA price witnessed a temporary relief rally.
• A bearish crossover between the 50-and-100-day EMA will accelerate the selling pressure in the market.
• The intraday trading volume in the ADA coin is $436.5 Million, indicating a 27% loss-*.

Source- Tradingview

A V-top reversal in Cardano coin price is gradually evaporating all the gains the coin holders experienced during the January months. Over the last few weeks, the crypto market witnessed some aggressive sell-off which could be associated with the crisis of crypto-friendly banks like Silvergate and silicon valley bank and recently the depegging of stablecoins like USDC, DAI, USDD.

By the press time, the ADA price trades at $0.306 with an intraday loss of 3%. In the last two days, the coin price has shown long-lower price rejection candles at combined support of 0.618 FIB and $0.3, indicating the buyers are accumulating at this support

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If the coin price managed to sustain above this aforementioned support, the buyers could initiate a bullish reversal to challenge the flipped resistance of $0.327 and $0.357.

On a contrary note, a daily candle closing below $0.3 will tumble the prices to the $0.27 mark.

Technical Indicator. 

Relative Strength Index: the daily RSI slope wavering at the neckline of the oversold region indicates the sellers have overextended the selling pressure and the price may witness a temporary bullish pullback.

EMA’s: the Cardano coin price moving below the crucial EMAs(20, 50, 100, and 200) restores a bear sentiment among market participants.

Cardano Coin Price Intraday Levels

• Spot price: $0.3
• Trend: Bearish
• Volatility: Medium
• Resistance level- $0.327 and $0.357
• Support level- $0.3 and $0.27