• 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.
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.