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ADA Plunges 10%, $0.30 In Sight? (Cardano Price Analysis)

Posted on 1. March 2023

• Cardano’s price dropped by 15% this week and reached the key support at 35 cents.
• The selloff intensity declined, showing that bears have lost interest in pushing the price lower.
• The bias for ADA is bearish and if buyers fail to move it higher, another push from bears could break the support and move this cryptocurrency back to 30 cents.

Cardano Price Analysis

Cardano’s downtrend continued this past week, and it has reached critical support. Can the price hold here?

Key Support Levels

ADA dropped by 15% after it was rejected at the 42 cents resistance. In the process, it reached the key support at 35 cents.

Trading Volume & Technical Indicators

The volume closed in red yesterday, but the selloff intensity declined. This shows bears have lost some interest in moving the price lower. The daily RSI is under 50 points and falling while MACD histogram is making lower lows.

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

While ADA continues to hold at the key support just above 35 cents, the pressure is building up on the price. If buyers fail to move it higher, then another push from bears could break this support and quickly move this cryptocurrency back to 30 cents.

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