ADA Crashes 15% Weekly but Are Bulls Ready to Bounce? Three Things to Watch Next (Cardano Price Analysis)


Cardano’s rally ended and bears are on the offensive.

Key Support levels: $0.46, $0.40

Key Resistance levels: $0.60, $0.65

1. Price Action Turns Bearish

ADA lost 15% of its valuation in the past seven days, and sellers managed to take the price to the key support at 46 cents. The price bounced once there, but it’s interesting to see if the buyers will be able to regroup again.

ADAUSDT_2024-01-09_15-47-48
Chart by TradingView

2. Momentum Indicators Fall

The MACD and RSI are both falling and if this latest bounce turns into a lower high, then this may be only the start of this correction. The key support must hold. Otherwise, ADA will see lower levels. To change this bearish bias, the resistance at 60 cents has to break.

ADAUSDT_2024-01-09_15-48-56
Chart by TradingView

3. MACD Bearish Cross

The 3-day MACD did a bearish cross this week. This is a significant change in the price action which signals that lower levels are likely in the future.

ADAUSDT_2024-01-09_15-48-42
Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

Watch closely the key support at 46 cents. If buyers fail to hold ADA above it, then the next key level will be found at 40 cents.

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Cryptocurrency charts by TradingView.



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