Cardano Price Analysis: ADA Prints New Record Lows Near $0.65; More Pain In Offer?

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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.

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  • 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.

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As of press time, ADA/USD reads at $.65 with a loss of 11.3% for the day.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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