Cardano Price Analysis: ADA at Critical Support, Is $1 Incoming?
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Key Support levels: $1.2, $1
Key Resistance level: $1.3, $1.5
ADA is currently retesting the support at $1.2, which has to hold. Otherwise, the next key support level will be found at $1. The resistance at $1.3 has not been tested for over a week, indicating a lot of weakness on the bull side. Pressure is mounting, and any slip lower can end up in a significant drop, particularly when there is a lot of fear in the market.
Technical Indicators
Trading Volume: Volume continues to decrease. ADA’s only success so far was to not fall below the key support, but with mounting pressure, this can rapidly change.
RSI: Despite some hope that RSI was making higher lows in the past, at the time of this post, the RSI is curving back down and appears bearish. Without new buying pressure, this is unlikely to change.
MACD: The MACD on the daily timeframe is bullish. However, on lower timeframes such as 4-hours, the MACD is bearish and appears to curve back down. If this continues, then this will also be reflected on higher timeframes.
Bias
The current bias is neutral with a lot of bearish signals.
Short-Term Prediction for ADA Price
It is best to be cautious as any break of the $1.2 support will turn the bias bearish, and the price can quickly fall to $1. Buyers are missing from the market right now, and there is a lot of weakness across the board.
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