Cardano Price Analysis: ADA Prints New Record Lows Near $0.65; More Pain In Offer?
ADA price follows the broader crypto market meltdown with a loss of more than 10% on Monday. The price makes new record lows at $0.65. Since the beginning of the year, the token depreciated nearly 60% prompting investors to panic selling.
- ADA price bleeds more than 10% on the first trading day of the week.
- Expect a bounce-back toward $0.75 on the hourly chart amid extreme oversold conditions.
- However, the downside remains intact as the broader crypto market bleeds.
ADA price continues south
ADA price nosedives with a heavy sell-off and looks weak on all-time-frames. The bulls left the company of the coin since it record its all-time high in September. ADA continues to trade at the mercy of the sellers and is still in the distribution phase. Any immediate bounce back remains a distant possibility but the oversold market condition cries for an interim bounce back.
On the hourly chart, the ADA price faces strong rejection near $0.91 in the previous week, which proved fatal for the digital asset. With the mentioned price action the bears found another chance to capitalize on the prevailing long trend. As a consequence, the price depreciates 19% in three-day.
Furthermore, the selling momentum refuses to die, as the price tested fresh new lows in 2022, at $0.65. In addition to that, the trading volume fully supported the downswing with an extended promise to explore the $0.50 level, as a new demand zone.
While, things look purely pessimistic for ADA so far, still a spike in the buying orders could challenge the prevailing trend at least in the shorter-time frame. The price could bounce back to recapture the psychological $0.70. Further, an acceptance above the mentioned level would see $0.75.
The Relative Strength Index (RSI) bounce back from the oversold zone but is still in the red zone.
As of press time, ADA/USD reads at $.65 with a loss of 11.3% for the day.
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