Will Cardano's key support level hold?
Cardano has failed to recover after losing momentum, and now it appears that the bears are in control. Will the key support level hold? The key support levels are $0.38 and $0.33, while the key resistance levels are $0.42 and $0.50. The buyers los[...]
It's looking like the bears are in control of Cardano at the moment, after the cryptocurrency failed to rally higher and lost momentum. The key support level will be crucial to watch in the coming days, to see if Cardano can rebound.
The key support levels for the cryptocurrency are $0.38 and $0.33.
As we can see from the chart, the key resistance levels for the cryptocurrency are $0.42 and $0.50.
It is critical that ADA holds above the $0.38 support, as a breakdown may put the bears back in charge. The cryptocurrency has tumbled since buyers failed to break the key resistance at $0.42 and needs to find strong support at this level to maintain any chance of further upside.
Technical Indicators: The Key to Successful Trading
The volume of ADA has been declining since it was rejected at the key resistance. However, it could return if buyers stay firm and don’t allow the price to fall under $0.38.
The daily RSI remaining close to the mid-point at 50 gives hope that buyers could return once more. This stability indicates that there is still potential for the market to grow.
I remain bullish on Cardano despite the loss of some momentum, as long as the key support holds. I believe Cardano can still rally in the short-term.
Bias
The bias for ADA is neutral. Until one of the key levels is broken, the bias will not change. However, if one of the key levels is broken, the bias could change to become either positive or negative.
Short-Term Prediction for ADA Price: Expect a slight dip followed by a rebound.
It's clear that bulls are struggling to keep the price of ADA above $0.38. Their main task now is to prevent it from falling any lower. If they can do that, then there's a chance that ADA will rally again in the future. However, it's unlikely that the key resistance will be tested any time soon.
It's been a tough few days for crypto markets as sell-offs have caused prices to crash across the board. One of the hardest hit coins has been Cardano, which is down over 20% in the past week.
