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With volatility returning to the market, ADA was not spared either and turned red.
Key Support Level: $0.30
Major Resistance Level: $0.33
Cardano price dropped 15% since Monday after SEC sued Binance. In the process, ADA broke below 33 cents which now acts as resistance. The current support is at 30 cents, and the buyers have disappeared.
trading volume: The sales volume increased dramatically earlier this week. The price reacted immediately and plummeted.
RSI: The daily RSI has declined to the 30 mark and is almost in the oversold zone. This is recession.
macd: The daily MACD was bullish last Sunday. Since then, it turned bearish and the momentum is currently negative.
Partiality
The bias for ADA is bearish.
Short term prediction for ADA price
As buyers were unable to stop the selloff, ADA found itself in a massive decline. Hopefully the support at 30 cents will be able to stop the current onslaught and provide some respite. The bias is bearish, and a test of key support looks likely.
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cryptocurrency chart by TradingView.
