ADA Price Analysis : Cardano (ADA) Falls To New Monthly Low As Bears Take Control
Cardano (ADA) Price Turns Bearish
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<img src="https://s3.tradingview.com/snapshots/n/NzFNxe4i.png">
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.