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ADA Price Analysis : Cardano (ADA) Falls To New Monthly Low As Bears Take Control

ADA Price Analysis : Cardano (ADA) Falls To New Monthly Low As Bears Take Control

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Cardano (ADA) has turned bearish the last 2 weeks after a near 50% revival off June lows were halted quickly at key resistance. The overall cryptocurrency market has lacked a direction the last month which has left many investors wondering what type of market we are currently in. BTC breaking below the $30,000 support level will likely cause a cascade of selling throughout the entire market. Cardano (ADA) must hold key supports to be saved from a tumble under $1.00.

ADA price has been stuck within a descending channel since Jul 5th. Price has bounced off each trend sharply as the downtrend can’t seem to be broken. At the time of writing, ADA price has fallen to its major support of $1.15 forming a slight wick off of it. If ADA bulls fail to create a strong bounce, we will see price under $1.10 very quickly.

Cardano Price Analysis: ADA/USDT 4 Hour Chart

For ADA price to begin a bullish trend, many marks must be tackled. The first including its major resistance of $1.20-$1.26 which has acted as an important mark the last 6 months. Around this major resistance lies the 25 MA which has held price down for nearly 2 weeks. Bulls must regain this zone & MA to be in position to try a break of its mid term trend line that has been respected for nearly a month. Breaking over all these zones will put ADA price in a great position to start a revival to mid $1.50s.

While looking at the RSI, we can see that strength has been consolidating together awaiting a large break to either direction. The MACD has been fairly bearish the last couple weeks as the histogram has continued in a bearish fashion. A break above the 0 line will likely provide the strength needed for Cardano to begin some type of revival.

ADA price intraday levels

Spot rate: $1.15
Trend: Bearish
Volatility: High
Support: $1.15
Resistance: $1.20

Disclaimer

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.

About Author

Domenic CoinGape

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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