Cardano (ADA) Price Analysis: Bulls Remain Pressured Around $1.20

By Rekha chauhan
February 2, 2022 Updated February 2, 2022
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ADA whale interest picking up

Cardano’s (ADA) price shows signs of consolidation but the outlook remains negative for the ADA. Cardano finds strong support around $1.03, a historical support level. At the press time, ADA/USD is trading at $1.075, down 2.02% for the day.

  • Cardano (ADA) price trades in negative on Tuesday.
  • Cardano millionaire whales raised their holdings by 40% in January.
  • The ADA price remains unaffected by the data.

Cardano millionaires address accumulation rises says IntoTheBlock

IntoTheBlock, the On-chain analytics firm reported that Cardano millionaire addresses accumulating higher despite the flat price action.

Technically speaking, the Cardano (ADA) has lost more than 50% from ATH at $2.380 made on November 9. The price remained under pressure around the descending trend line from the mentioned level.

Source: Trading view

Investors find some interesting buying opportunities around the $1.200 demand zone. However, the price failed to cross above the $1.610 horizontal level.

The Daily Relative Strength Index (RSI) momentum oscillator holds near the oversold zone with a probable bearish crossover. This again signifies the lack of bullish enthusiasm among investors.

Cardano tested an all-time low on January 22 at $0.923. Since then price is hovering near the lower levels waiting for a catalyst to decide the further course of price action.

A decisive close above the bearish slopping line will result in meeting the first target at $1.025 followed by the $1.4000.

On the other hand, if the price drops below $1.00 and gives a lower closing then it will open the gates for further lower levels for Cardano in the short term.

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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