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CARDANO PRICE ANALYSIS: ADA IS FACING A DOWNTREND, BUT THESE SIGNS ARE ENCOURAGING IN THE MEDIUM TERM
Cardano, one of the altcoins with exceptional performance in 2021, dropped 75% compared to ATH. ADA recently lost a critical support level at $1. Now the price is declining, forming a descending wedge, accompanied by a 100-day moving average (marked with a white line on the daily chart).
DAILY CHART (USD PAIR)
Technical Analysis from Grizzly
The OBV indicator also falls below the downtrend line. When evaluating these bearish signals, a breakdown above the red zone (static resistance) is the first condition for a return to a bullish trend. The current key support/resistance levels are shown in the chart below.
Key support levels: 0.73 USD and 0.45 USD
Key Resistance levels: $1 and $1.2
DAILY CHART (BTC PAIR)
The ADA price is at the intersection of dynamic and static support relative to BTC (ADA/BTC). Most technical speculators expect a rebound due to divergence and higher lows formed by the Stochastic RSI oscillator.
In general, according to recent interviews with the founder of the project and fundamental news, such as the increase in TVL, the growth of long-term holders, the cost of staking and smart contracts on Cardano, positive price movements are possible in the medium and long term. The general sentiment towards cryptocurrencies may cause additional ADA volatility in the short term.
