Cardano Price Analysis: ADA Price Lost $1 Support; Back To Square One?
The V-top rejection from the $1.2 resistance plunged the Cardano(ADA) price below the $1 crucial support and 50-day SMA. The sellers continue to pressure the altcoin leading to the March bottom support at $0.78. However, a possible reversal from this support could initiate a range-bound rally in ADA.
Key points:
- The ADA price lost 22.5% within a fortnight
- The ADA plunged below the 50-day SMA
- The intraday trading volume in the ADA coin is $444.2 Billion, indicating a 30% loss
Source- Tradingview
The ADA sellers regained trend control after achieving long wick formations in the daily candles near the $1.2, resulting in the 100-day SMA fallout. Amid the ongoing downfall, the ADA prices crossed under the $1 mark after saving immense selling pressure near $1.20.
The freefall accounts for a discount of 22.5% in the last 12 days and the fallout of the crucial psychological barrier at $1. Moreover, the prices recently cracked under the 50-day SMA as the selling pressure grew.
The downfall in ADA coin price undermines the V-Shaped reversal observed in late March and heads lower after retesting the 50-day SMA fallout.
The potential bearish rally could depreciate the altcoin by 16.5% to $0.85.
Alternatively, an early bullish reversal can push the price to $1.
Technical Indicator
Vortex indicator– The widespread gap between the VI+ and VI- slope indicates aggressive selling in the market.
SMA– The downsloping 100-and-200-day SMA reflects an overall bear trendline, whereas the flattish 50-day SMA accentuates a short-range bound rally. However, the ADA price trading below these EMAs lines suggests the path to least resistance is downward.
- Resistance levels- $1, and $1.1
- Support levels-$0.85 and $0.78
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens
- Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts
- S&P Launches Crypto 50 Index But There’s A Catch
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
