coinjournal.net
Key takeaways
- Cardano’s $ADA is the worst performer among the top 10, losing 8% of its value in the last 24 hours.
- The coin could recover above $1 soon after retesting the $0.84 low.
$ADA retests $0.84 amid bearish PA
The cryptocurrency market has been bearish since the start of the week, and Cardano’s $ADA has been the worst performer among the top 10 coins by market cap. $ADA is down 8% in the last 24 hours and briefly dropped to the $0.8400 level.
The bearish performance saw $ADA retest the TLQ at $0.8400 and could be getting ready for another leg-up after surpassing the $1 psychological mark last week. Its performance coincides with a massive sell-off in the broader crypto market, with Bitcoin briefly dropping below $113k earlier today.
Ether also dropped below $4,200 while XRP and Solana have failed to keep their prices above $3 and $200, respectively.
$ADA to hit $1 if the $0.8400 support holds
The $ADA/USD 4-hour chart is bullish and efficient despite Cardano losing 8% of its value in the last 24 hours. The technical indicators are switching bearish, suggesting that sellers are currently in control.
The RSI of 44 shows that $ADA could be heading into the oversold territory if the bulls don’t regain control. The MACD lines have also crossed over into a bearish region.
$ADA/USD 4H chart">
At press time, $ADA is trading at $0.8491 as the $0.8400 support level holds. If the support level continues to hold, $ADA could surge past the first major resistance level at $0.9570 before surpassing last week’s high of $1.0198.
However, failure to hold the $0.8400 support level could see $ADA take out the TLQ and drop to the next major support zone at $0.7685. An extended bearish performance would see $ADA retest August’s low of $0.6820.