Following the recent bearish market sentiment, Cardano’s ADA lost the psychological key support level of $1. In case this level won’t get reclaimed by today’s daily close, ADA will record a full-candle body trading below $1 for the first time since February 2021 (!).
Key Support levels: $0.84, $0.68
Key Resistance levels: $1, $1.2
Over the past month, ADA was trading amid the $1 mark. Despite two wicks below in January, the price action and the 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 solid resistance after being strong support for so long.
This is a significant break of the market structure for ADA and signals that the price can drop much lower in the next future. The closest key support levels are found at $0.84 and $0.68.
Technical Indicators
Trading Volume: Volume has been steady, but sellers had the upper hand in the past two weeks, with the price continuing to move lower.
RSI: The daily RSI is quickly approaching the oversold area, and ADA may see a temp relief once it hits one of the key support levels indicated above (in case support holds).
MACD: The daily MACD is bearish and picking up momentum. This is terrible news for ADA that is likely to continue South in the near term.
Bias
The current bias is bearish, and losing the $1 support is a major red flag to any remaining bulls. Watch for today’s daily close – Sunday – which is also a weekly candle close.
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 gives no signs that ADA can move back up at this moment. Therefore, best to be patient and wait for a more comfortable entry at a lower point.
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