Cardano price below $1, here is the next level of support to watch (ADA price analysis)
Following the recent bearish market sentiment, Cardano’s ADA lost the key psychological support level of $1. In case this level is not recovered by today’s daily close, ADA will register a full candle body below $1 for the first time since February 2021 (!).
Main support levels: $0.84, $0.68
Key Resistance Levels: $1, $1.2
Over the past month, ADA has been trading in the middle of the $1 mark. Despite two wicks below in January, price action and daily candles were above or around the significant support line.
If today’s candle closes at current levels (~$0.93), we can expect the $1 to turn into strong resistance after being strong support for so long.
This is a significant break in the market structure for ADA and signals that the price may drop much lower in the near future. The nearest key support levels are found at $0.84 and $0.68.
Trading volume: Volume has held steady, but sellers have had the upper hand over the past two weeks as the price continues to decline.
IRS: The daily RSI is rapidly approaching the oversold zone, and ADA may see temperature relief once it hits one of the key support levels shown above (in case support holds) .
MACD: The daily MACD is bearish and gaining momentum. This is terrible news for ADA which is likely to continue south in the near term.
The current bias is bearish and loser the $1 support is a major red flag for any remaining bulls. Watch for today’s daily close – Sunday – which is also a weekly close by candlelight.
Short term prediction for ADA price
If today’s candle closes below $1, expect to see ADA heading towards the key support levels at $0.84 and $0.68. The current price action is showing no signs that ADA may come back up at this time. Therefore, it is better to be patient and wait for a more comfortable entrance at a lower point.
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