ADA Crashes 14% Weekly, Can it Drop to $0.45? Three Things to Watch Next (Cardano Price Analysis)

Cardano’s correction continued this week and may not stop any time soon.

Key Support levels: $0.46, $0.40

Key Resistance levels: $0.60, $0.65

1. Rejection at Key Resistance

With ADA unable to break above 60 cents, the price resumed its downtrend and is now on its way to the key support at 46 cents. This confirms the bearish momentum, and buyers may not return until much later.

ADAUSDT_2024-01-18_15-48-33
Chart by TradingView

2. Momentum Favors Sellers

Momentum indicators show that sellers have the upper hand right now. ADA lacks the buy volume to turn around this downtrend and may only attempt a recovery once the key support is re-tested.

ADAUSDT_2024-01-18_15-48-53
Chart by TradingView

3. MACD is Bearish

The 3-day MACD is bearish, and its downward momentum has accelerated in this past week. This can be clearly seen on the MACD histogram, which has been making lower lows since the bearish cross.

ADAUSDT_2024-01-18_15-49-54
Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

Buyers are absent and may only return once ADA is at a significant discount. This seems most likely to happen when the price arrives at the 46 cents support.

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Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/ada-crashes-14-weekly-can-it-drop-to-0-45-three-things-to-watch-next-cardano-price-analysis/