Cardano Loses Moments, Here’s a Key Support to Watch (ADA Price Analysis)

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.

Charts by TradingView

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.

ADAUSDT_2022-12-06_18-41-09
Charts by TradingView

prejudice

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.

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