Cardano’s ADA price looks set for a fresh drop following recent price rejections. It has posted some notable losses over the past days as it looks poise for a serious clampdown.
Following an unexpected price movement this week, ADA has seen a noticeable reduction and at the same time showing signs of weakness on the daily graph.
However, trading levels have changed a bit in favour of the bears since the start of the week but it is too early to say they are fully back in control due to the slow build-up in selling. In the middle of that, the bulls reacted to the price yesterday but they could not push back.
It resumed selling but has remained relatively calm over the past hours. While the bulls continued to suffer along, we can expect more loss as soon as selling volume increases.
Looking at the setup from a technical standpoint, the bears have stepped back on the lower timeframe but still finding it difficult to gain dominance on the higher timeframe. A drop off last week’s low could pave way for bearish actions from a short-term perspective.
To resume bullish move, ICP must reclaim its recent highs before one can consider a continuation. For now, the buyers appeared weak on the current daily chart due to an extremely drop in buying volume.
ADA’s Key Levels to Watch
An increase in volatility may drop the price to a low of $0.54 this week. If the price continues to fall, we may see an extension to $0.5 before revisiting the $0.45 support level.
Should ADA bounce back above $0.59, the next major resistance to keep on mind is this week’s resistance of $0.64, followed by $0.68. A surge above this resistance could trigger a breakup.
Key Resistance Levels: $0.59, $0.64, $0.68
Key Support Levels: $0.54, $0.50, $0.45
- Spot Price: $0.58
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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