Cardano’s volume continues to decline, and with it – its price. If nothing changes, ADA may return to main support.
Key support levels: $0.30, $0.28
Key resistance levels: $0.34, $0.38
Despite the local higher rally, the bulls lost their momentum and the price now finds itself correcting towards the key support at $0.30. The resistance at $0.34 could not be tested because the sellers had already come to stop the upside at $0.32.
Trading volume: Volume is declining, and it seems like the bears are in control of the price action for now.
RSI: The daily RSI is falling again, failing to reach 50 points. This is bearish and showing weakness.
MACD: The daily MACD crossed bullish over the weekend, but now the histogram is making lower highs.
The bias for ADA is bearish.
Short-term ADA price forecast
A retest of the key support at $0.30 seems likely as buyers failed to gain momentum on this latest rally. It is important that Cardano stays above $0.30 because the option could be very expensive. A break below $0.30 would open the way for bears to target $0.28, which would extend ADA’s bearish price action.
After Cardano Loses For A Moment, Here’s The Key Support To Watch (ADA Price Analysis) appeared first on CryptoPotato.