The past few days have devastated Cardano’s whales and traders as they suffer more losses. This week’s $60 billion losses in the global crypto market also contributed to this effect as the price slips to a 2-year low.
Since Cardano retested the $0.43 resistance level earlier this month, it continued to decline steadily. The asset further dropped to $0.3 yesterday. Although the price recovered by 2.3% over the past hours as it now changes hands at around $0.311.
The consistent build-up from the $0.378 level shows that the bears’ present are still strong as trading appears slow and choppy due to low selling volume. We should expect a sharp and heavy drop as soon as the volume increases. The potential expansion could take Cardano to as low as $0.2 in no time.
On the daily chart, there are currently no positive signs in the market. Despite this week’s loss, the bears appear to be eyeing the January 2021 lows on the weekly and monthly charts.
However, if we consider a bullish case for this cryptocurrency, Cardano would need to retake the $0.4 price level and, most importantly, the retest level mentioned above. By then, a decent buying volume should flow back into the market. As of now, the sellers are still gaining control.
Cardano Price Analysis (ADAUSDT) – Daily Chart
Cardano is currently holding a weekly resistance at the $0.33 level. The resistance to watch above this level lies at $0.378, around the resistance trendline. There’s a resistance level at $0.43 in case of a further increase.
On the other hand, it held support at $0.3 yesterday. The closest support to this level is $0.285. The following support level is $0.231 if the price dips lower. Below this level lies the $0.25 support level. There’s currently low volume to keep the price lower due to the latest recovery.
Key Resistance Levels: $0.33, $0.378, $0.43
Key Support Levels: $0.285, $0.231, $0.25
- Spot Price: $0.311
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.