The ongoing bear trend marks a new lower low at the $0.817 mark, the Cardano (ADA) price reverts with a bullish hammered candle, attempting to surge above the $0.92 mark. However, the sellers mount a stiff resistance at the $1 mark, where the crypto traders could break even their loss traders.
Key technical points:
- The daily-RSI slope dodged from entering oversold territory.
- The intraday trading volume in the ADA coin is $1.59 Billion, indicating a 31.5% loss.
Source- Tradingview
Amid the recent sell-off in the crypto market, the ADA price extends its losses to sub $1 for the first time since February 2021. On February 18th, the sellers gave a bearish breakdown from this bottom, accelerating the selling pressure.
After a single retest day, the follow-up down rally dumps the altcoin to 18% to $0.81. However. A hammer candle on February 22nd indicates the buyers are defending this support and would attempt to drive the price higher.
The ADA/USDT technical chart shows the 20-and-50-day EMA are majorly rejecting the downtrend rallies. Moreover, ADA bears reclaim a bearish sequence among these crucial EMAs(20, 50, 100, and 200).
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Moreover, the Relative strength index(33) slope reverted from the oversold neckline and currently is charging towards the midline.
ADA Buyers Struggles At $0.92 Resistance.
Source- Tradingview
The ADA chart shows two overhead resistance along the bullish path, i.e., $0.92 and $1. The coin buyers bounced back from the $0.817 mark rallied 12.3% to $0.92 resistance. However, the higher prediction at this level indicates intense supply pressure, which could drive the price below the currently lower low (0.817).
Anyhow, if buyers breached this close resistance, the $1 mark stands as the ultimate test for them before a genuine bullish rally could start.
- Resistance levels- $0.92, and $1
- Support levels-$0.8 and $0.688
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