Cardano (ADA) Price Sinks Below $1; Next Key Levels To Position Your Trades

On February 20th, the Cardano (ADA) price gave a decisive breakout from the yearly support of $1. Until this breakdown, this crucial support didn’t allow a single daily candle closing in the past year. Should we expect another freefall in ADA, or do buyers have something up their sleeves?
Key technical points:
- The daily-RSI slope approaches the oversold territory.
- Higher price rejection in retest candle highlights bears power.
- The intraday trading volume in the ADA coin is $1.2 Billion, indicating a 10% hike
Source- Tradingview
The Cardano (ADA) price has traded above $1 over the past year. This crucial support was resilient even during the crypto bloodbath of June-July 2021 followed by the August rally.
Back to the present, the ADA buyers failed to overcome the $1.2 resistance during the recent recovery rally, resulting in an immediate bearish reversal. The sustained selling pulled the coin price below the $1 support, indicating a 27% loss in the last two weeks.
Following a bearish sequence, the downsloping crucial EMAs(20, 50, 100, and 200) suggest the bears are dominating the field. Moreover, the 50 and 100 EMA acts as dynamic resistance that traders are using to sell on rallies.
Moreover, the Relative strength index(33) slope sliding lower accentuates the aggressive selling in the market.
ADA Chart Hints Next Support Lies Down 12% ($0.82)
Source- Tradingview
After yesterday’s breakdown, the ADA price reverted to retest its new resistance. The coin chart displays a long higher price rejection in the daily candle, indicating the support has flipped to support.
If traders maintain the price below the $1 mark, the selling pressure would intensify and plunge the altcoin to $0.82, followed by $0.7.
Resistance levels- $1, and $1.2
Support levels-$0.8 and $0.7
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin
- Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash
- BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data