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Cardano’s (ADA) price is facing downward pressure at the critical $1.0 level. ADA opened higher but is not able to sustain the gains and drifts lower as selling pressure remains intensified. The current price action is telling bears are in total control.
- Cardano (ADA) trades lower for a third consecutive session in a row.
- ADA remains pressured near the crucial $1.0 level.
- Average volumes have declined since January 17.
ADA continues to slide on the daily chart
The formation of a ‘Doji’ candlestick at the critical $1.0 level on Tuesday showed bulls were not willing to continue with upside momentum. As the formation is followed by three black candles, which shows long-term downside pressure remains intact in the asset.
Technical indicators:
RSI: The daily Relative Strength Index is falling continuously since January 17. Currently, it reads at 34 just above the average line. Any downtick in the indicator would push the price further lower.
MACD: The Moving Average Convergence Divergence, is struggling below the midline with a neutral bias.
Volumes: Trading volumes corresponds to the fall in prices.
If the price fails to sustain the session’s low then investors will test the $0.80 mark as the first downside target.
Next, a failure to hold February lows of $0.74 could explore fresh new lows for the asset.
On the other hand, a renewed buying pressure would reverse the prevailing downtrend. Furthermore, investors will try to capture the $1.0 mark.
As of press time, ADA/USD is exchanging hands at $0.86, down 3.62% for the day.
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