ADA breaks below $ 1.5, this is the next major support
- Major support levels: $ 1.3, $ 1
- Key Resistors: $ 1.5, $ 1.7
Cardano (ADA) has been falling since early September after hitting a current all-time high of $ 3.09, according to CoinGecko.
Unfortunately for ADA holders, the recent collapse pushed the price below the critical $ 1.5 support. Price is currently struggling to hold critical support at $ 1.30 and ADA could fall further to $ 1 if current levels cannot be held.
The bears are currently controlling the market. To reverse the uptrend, the bulls will have to rebound from the $ 1.50 level that turned into resistance after the recent collapse.
Daily ADA / USDT Chart | Source: TradingView
Technical indicators
Volume: Increased volume when prices are falling is a bearish sign.
RSI: The daily RSI has hovered just above 30 or above the oversold zone since the correction began in September, putting ADA in a clear bearish trend. However, this recent decline did not result in a lower low in the RSI, suggesting the bears are running out of breath.
MACD: The MACD in the daily timeframe is falling and is in negative territory. This indicator needs to be reversed quickly; Otherwise, the price may drop below the $ 1.30 support.
Daily ADA / USDT Chart | Source: TradingView
Perspectives
The current trend from Cardano (ADA) is bearish. Since the platform announced the launch of smart contracts in September, the downward trend has started and the recent collapse in the market has made it difficult for ADA to break out of that downward trend.
If the bulls fail to stop the downtrend at $ 1.30, a retest of the critical support at $ 1 is possible.
Given market conditions, it’s hard to see any trend reversal in ADA right now. At best, ADA could consolidate here and attempt a breakout in late December.
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ADA breaks below $ 1.5, this is the next major support
- Major support levels: $ 1.3, $ 1
- Key Resistors: $ 1.5, $ 1.7
Cardano (ADA) has been falling since early September after hitting a current all-time high of $ 3.09, according to CoinGecko.
Unfortunately for ADA holders, the recent collapse pushed the price below the critical $ 1.5 support. Price is currently struggling to hold critical support at $ 1.30 and ADA could fall further to $ 1 if current levels cannot be held.
The bears are currently controlling the market. To reverse the uptrend, the bulls will have to rebound from the $ 1.50 level that turned into resistance after the recent collapse.
Daily ADA / USDT Chart | Source: TradingView
Technical indicators
Volume: Increased volume when prices are falling is a bearish sign.
RSI: The daily RSI has hovered just above 30 or above the oversold zone since the correction began in September, putting ADA in a clear bearish trend. However, this recent decline did not result in a lower low in the RSI, suggesting the bears are running out of breath.
MACD: The MACD in the daily timeframe is falling and is in negative territory. This indicator needs to be reversed quickly; Otherwise, the price may drop below the $ 1.30 support.
Daily ADA / USDT Chart | Source: TradingView
Perspectives
The current trend from Cardano (ADA) is bearish. Since the platform announced the launch of smart contracts in September, the downward trend has started and the recent collapse in the market has made it difficult for ADA to break out of that downward trend.
If the bulls fail to stop the downtrend at $ 1.30, a retest of the critical support at $ 1 is possible.
Given market conditions, it’s hard to see any trend reversal in ADA right now. At best, ADA could consolidate here and attempt a breakout in late December.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
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