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ADA Declines to $0.40 as Market Activity Diminishes; Is a Drop to $0.35 Ahead? (Cardano Price Analysis)
ADA was unable to maintain its position above 40 cents, leading to a takeover by bears in recent days.
Key Support levels: $0.38, $0.35
Key Resistance levels: $0.40, $0.44
With the loss of buying momentum, ADA has retraced to the crucial support at 38 cents, and bulls may struggle to uphold this significant level due to diminished interest from market participants.
The resistance at 40 cents has thwarted ADA’s breakout attempts from the previous week. Additionally, the price has established a head and shoulders top pattern, indicating a bearish trend.
Chart by TradingView
Trading Volume: The trading volume has been consistently decreasing over the last few days. A change is necessary if ADA is to maintain its position at the key support.
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RSI: The daily RSI has dropped below 50 points and has created a lower high in the process.
MACD: The daily MACD is in a bearish state, with its histogram recording lower lows. The MACD moving averages are also widening downwards, suggesting that momentum currently favors sellers.
Chart by TradingView
Bias
The overall bias for ADA is bearish.
Short-Term Prediction for ADA Price
It is essential for buyers to protect the support at 38 cents. A failure to do so could result in ADA potentially declining to 35 cents in search of support.
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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.
