Price Analysis

Cardano(ADA) Price Slides Below 2-Month Low! Will It Revist the Strong Support at $1?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jan 21, 2022

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Highlights

    Cardano price after a long gap ranges above $1.6 levels and within no time fell down from the cliff

    The downtrend appears to be pretty strong as the selling volume yet again mounts after a pretty small break

Cardano price spiked heavily amid the recent announcement of the very first DEX on its blockchain SundaeSwap. However, now when the DEX is live, the ADA price is yet again scumbling down the support levels. While some believe the asset could flip the downtrend soon, yet the technicals point out towards a deep bearish well fast approaching soon. 

The ADA price is plummeting hard much below the strong support levels around $1.3 and heading towards the next levels around $1.07. As the bearish plot has already been rolled out, the asset could eventually follow the trend. However, the asset has began to visit lower lows and may again test the lower support at $1 yet again before a perfect bounce. 

  • Cardano price yet again faked out its uptrend by quickly plummeting again within the descending trend. 
  • Previously when the price sliced through the trend line, bulls were trapped severely and with the current surge, the price was expected to hit a minimum levels at $2
  • Yet the asset yet again dropped below the line and and moreover pointing towards the continuation of the downtrend
  • The RSI and StochRSI both are heading towards the south while the MACD also showcases mounting extreme selling pressure
  • Moreover, the bull-bear power also manifests building strength with the bears while the ATR, the trend indicator, forecasts less volatility rate. And hence no extreme change with the rally may be expected

Important Levels to Watch (Short-Term)

Moving Average(MA)-50 : $1.332

Moving Average(MA)-200: $1.82

Resistance: $1.305

Support: $1.137

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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