ADA was unable to sustain the rally and was quickly rejected at $0.66. Since then, the price has broken through a key support level as the market has plummeted.
Key support levels: $0.38, $0.34.
Key resistance levels: $0.45, $0.66.
Both Bitcoin and Ethereum fell below their critical support levels over the weekend and the entire market suffered a major downturn because of this. Cardano did not bode well against the selling pressure and was unable to hold at $0.45, which is now acting as resistance.
The next key level is at $0.38. This is an old all-time high that ADA reached in May 2018 and should act as support.
Trading volume: Sales volume is constant and has not increased to date. This means that the bottom, most likely, has not yet come and it has yet to be found.
Relative Strength Index: The daily RSI is falling rapidly and is now at 35 points. A bounce could become possible when the RSI reaches an oversold condition (below 30 points).
MACD: The daily MACD has just completed a bearish crossover on the daily time frame. This signals that the downtrend is likely to continue for some time.
The bias for ADA is bearish.
Short term ADA price prediction
ADA price action has turned bearish and the cryptocurrency is likely to continue lower in the next few days and test key support at $0.38. Buyers should do everything they can to protect this level or ADA could drop to a much lower level.
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Cryptocurrency charts from TradingView.
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