Cardano broke below major support as bears took over the market.
Key Support levels: $0.38
Key Resistance levels: $0.46, $0.60
1. Key Support Lost
ADA lost the support at 46 cents, which has now turned into a key resistance. This is why the price fell by 9% today. Considering the current momentum, the cryptocurrency may make new lows before a recovery can be expected.
2. Sell Momentum Intensifies
This most recent drop took place on increasing volume, which is a bearish sign. It also shows sellers are in full control of the price action, and they may not be satisfied until they reach the key support at 38 cents.
3. RSI Almost Oversold
The daily RSI is approaching the oversold area at under 30 points. If ADA falls that low, then sellers could become exhausted, which can provide an opportunity for buyers to return.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
The key support has moved to 38 cents, and bears may aim to take ADA there before buyers return.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.
Source: https://cryptopotato.com/this-is-adas-most-imminent-support-to-watch-this-week-following-the-15-crash-cardano-price-analysis/