Cardano’s correction continued this week and may not stop any time soon.
Key Support levels: $0.46, $0.40
Key Resistance levels: $0.60, $0.65
1. Rejection at Key Resistance
With ADA unable to break above 60 cents, the price resumed its downtrend and is now on its way to the key support at 46 cents. This confirms the bearish momentum, and buyers may not return until much later.
2. Momentum Favors Sellers
Momentum indicators show that sellers have the upper hand right now. ADA lacks the buy volume to turn around this downtrend and may only attempt a recovery once the key support is re-tested.
3. MACD is Bearish
The 3-day MACD is bearish, and its downward momentum has accelerated in this past week. This can be clearly seen on the MACD histogram, which has been making lower lows since the bearish cross.
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
Buyers are absent and may only return once ADA is at a significant discount. This seems most likely to happen when the price arrives at the 46 cents support.
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