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.
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.
- Do Kwon’s Terra 2.0 Plan Rejected By S.Korean Crypto Exchanges
- Just-In: Avalanche Asks ApeCoin To Ditch Ethereum For Otherside Launch
- Tron (TRX) Overtakes Shiba Inu In Value On This Key Reason
- Voting On New Terra Chain To End Soon, Where Does The Tally Stand?
- Ethereum Gas Fee Drops To the Lowest Since July 2021, ETH In Accumulation Phase
- Popular Crypto Wallet MetaMask to Integrate Coinbase Pay As Part of Web 3 Push
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?