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The overall trend for the Cardano (ADA) price is bearish, and the long-coming descending bolsters a similar opinion. After last week’s relief rally failed to overcome the $1.2 resistance, the ADA price turned down and tumbled 15% to the $1 support. Can bulls make a meaningful recovery, or will they lose the $1 mark?
Key technical points:
- The daily-RSI slope plummets to the negative territory
- The intraday trading volume in the ADA coin is $1.2 Billion, indicating a 10% hike
Source- Tradingview
After two weeks of consolidation above the $1 support, the ADA price bounced back amid the recent recovery in the crypto market. The altcoin soared 17% and challenged the immediate resistance of $1.2.
However, the higher price rejection at this level indicated the intense selling pressure from the bears, which reverts the altcoin to the bottom support($1).
Due to the recent retracement, the Relative strength index(41) slope slips below the middle line and 14-SMA, indicating the bears have the upper hand.
The downsloping 20, 50, and 100 DMA accentuates the bear’s domination. Moreover, the 50 DMA line acts as dynamic resistance to the downtrend.
ADA/USD: 4-hour time frame chart
Source- Tradingview
By the time of the article, the ADA/USD pair is trading at the $1.047 mark and shows a bullish Doji candle with a major lower price rejection. This indicates the buyers are still holding to these buyers and could attempt another bullish reversal.
If the coin price rebounds from this crucial support, the ADA buyers would make another attempt to breach the overhead resistance of $1.2, providing the first signal to recovery.
Contrary to the bullish assumption, if sellers slid the altcoin below the $1 support, the selling pressure would intensify, and bears will pull the price to $0.8.
- Resistance levels- $1.2, and $1.5
- Support levels-$1 and $0.8
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