This is ADA’s Most Imminent Support to Watch This Week Following the 15% Crash (Cardano Price Analysis)


Cardano broke below major support as bears took over the market.

Key Support levels: $0.38

Key Resistance levels: $0.46, $0.60 

1. Key Support Lost

ADA lost the support at 46 cents, which has now turned into a key resistance. This is why the price fell by 9% today. Considering the current momentum, the cryptocurrency may make new lows before a recovery can be expected.

ADAUSDT_2024-01-23_20-23-55
Chart by TradingView

2. Sell Momentum Intensifies

This most recent drop took place on increasing volume, which is a bearish sign. It also shows sellers are in full control of the price action, and they may not be satisfied until they reach the key support at 38 cents.

ADAUSDT_2024-01-23_20-24-06
Chart by TradingView

3. RSI Almost Oversold

The daily RSI is approaching the oversold area at under 30 points. If ADA falls that low, then sellers could become exhausted, which can provide an opportunity for buyers to return.

ADAUSDT_2024-01-23_20-24-40
Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

The key support has moved to 38 cents, and bears may aim to take ADA there before buyers return.

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Cryptocurrency charts by TradingView.



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