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- 1 The Cardano crypto asset is expressing bearish behavior and exhibits that it has the opportunity to fall further.
- 2 It performed poorly last week and last month, implying a stable downward direction.
The Cardano crypto price action showed a wonderful increase in the last three months and displayed a great move with momentum, as the price thrust upwards from the demand zone at $0.2500 up to the supply level at $0.7000. However, the ADA crypto demonstrated a sign of decline as the price sank from the vital resistance level of around $0.7000 on the chart after a long failed attempt at sustenance at the top price level.
The ADA crypto is almost at a big fall, as it meets the trendline resistance level and dynamic resistance level of 50-Day EMA, sellers’ rise could push ADA to new lows and stretch the fall to the demand zone.
These chart observations display bearishness and falling tendency as it plunges below the major trend EMA, reliant on the seller’s surge could also conquer the supporting 200-Day EMA.
Furthermore, the ADA crypto asset displays bearish characteristics as MACD is converging again for the downside and a bearish crossover is anticipated soon. Besides, the MACD is at -0.0090, the signal line is at -0.0108, and the histogram is at 0.0019.
The RSI is falling and took rejection from the 14 SMA, where RSI is at 44 and 14-SMA is at 45, these observations imply that the ADA crypto asset is losing momentum and could mark new depths.
Overall chart analysis highlights bearish behavior and suggests that it has the opportunity to fall further. It fell last week, and last month by 6.71%, and 6.19% respectively, implying a stable downtrend.
On top of that, the crypto is experiencing a decline of 0.61% in the last 24 hours, trading at $0.4907 with a 24-hour trading volume of 274.54 Million.
Therefore, if the Cardano crypto price fails to stay above the $0.4500 level, it could decline further.
On the flip side, if the demand for the ADA crypto surges, the asset price could bounce back from the current support level. The next goal for the price would be to retest the supply level and a breach would open the doors to reach $1.000. The primary resistance to turn around the trend would be $0.5401.
Summary
The Cardano crypto asset is expressing bearish behavior and is could fall in the coming sessions as well. It showed weak performance last week and last month by 6.71%, and 6.19% respectively, implying a stable downward direction.
Therefore, if the Cardano crypto price fails to stay above the $0.4500 level, it could decline further.
The MACD is converging again downwards; the RSI is falling and took rejection from the 14 SMA. These observations signify that the ADA crypto asset is losing momentum and could mark new depths.
Technical Levels
Support Levels: $0.4500
Resistance Levels: $0.5401
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
