cryptopotato.com
ADA was unable to hold above $1. Will bears take over?
Key Support levels: $0.90
Key Resistance levels: $1.3
1. Sellers Return as ADA Falls under $1
Early in the week, optimism was high that ADA can stay above $1 and challenge the resistance at $1.3. However, since Tuesday, sellers have returned and they managed to push the price under $1. At the time of this post, ADA is found at 92 cents.
2. Momentum Reversal
The daily RSI is making lower highs as does the MACD histogram. This indicates weakness and could push Cardano in a deeper correction. The most important line of defense is found at 90 cents which is currently acting as a support. If this key level is lost, then ADA may drop to 80 cents next.
3. Buy Volume Crashed
In November, the buy volume peaked. Since then, this cryptocurrency has been making lower highs. This is a bearish trend and the price shows it as well. Until buyers return, ADA may struggle to regain its bullish momentum. Hopefully, bulls will defend the price at 90 cents to avoid further losses.
