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Cardano (ADA) Price Analysis – February 25. Selling Pressure is Around the Corner


www.cryptovibes.com 25 February 2019 10:50, UTC
Reading time: ~2 m

Highlights

Having lost 13% in the last 24 hours, Cardano’s market cap is about $1.1 billion with trading volume of $47 million plus; CoinMarketCap statistics. It’s currently trading at $0.043. Similarly, ADAUSD and ADABTC had witnessed a low break.

ADA-USD Market

Key levels:

Resistance levels: $0.051, $0.055, $0.060;

Support levels: $0.040, $0.036, $0.032;

With the high volatility and liquidity experienced on the Market Cap which has virtually boosted the performance of all the most top 20 crypto-assets positively in the past weeks. Cardano is however not left out. But today, it seems following Bitcoin’s drop; now heading low as other cryptocurrencies bleed.

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ADA-USD 4H chart – February 25

Due to the current market condition, ADA has remained in a bearish trailing yesterday’s sudden heavy short; resulting in a channel break-down as appeared on the chart. Now consolidating at the break-point (circled red), before bottoming at $0.040 support level 1. Further low might send price to strong support (2) at $0.036. Nevertheless, the closest resistance level is at $0.051.

The 4 hours MACD, however, revealed the last two weeks incline at the positive zone. Crossing to the negative zone confirms a sell trade.

ADA-BTC Market

Pairing Bitcoin, the market direction is synonymous to the Dollar market as ADA followed a broke-down which was shown on the ascending triangle. Though, the price is still stable; trading at 1100 SAT price level. Waiting for the next move, a swing low might reach 1050 SAT support level, where the price rose from early this month.

ADA-BTC 4H chart – February 25

Once Cardano crosses down the 1050 support, another bottom would be made at the tough 1000 SAT support. Here, a bounce up is likely to happen as the bull sides defend the level strongly. Whichever way, the bears seem to be gaining momentum as they positioned trade in a decline owing to Sunday’s sell-off; now slowly in action.

A look at the MACD suggests a clear short signal as the oscillator swings to the negative zone. Selling pressure is around the corner.


Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing in any financial asset. We are not responsible for your investing results.

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