• Cardano had a difficult opening on Monday when the price quickly dropped.
• The current support level is found at 35 cents after buyers failed to stop the correction at 38 cents which has now turned into a resistance.
• Should the support at 35 cents fail, then it would become more likely for ADA’s price to fall to 30 cents toward the end of February.
Cardano Price Analysis
Cardano had a difficult start on Monday as the price quickly dropped. The cryptocurrency made a lower low and the current support level is found at 35 cents after buyers failed to stop the correction at 38 cents which has now turned into a resistance.
Trading Volume and Indicators
The volume closed in red five days in the past week indicating bears have the upper hand. The daily RSI fell under 50 points and did not manage to reverse and break above. The daily MACD histogram is also on the negative side, and buyers don’t seem to have enough strength to turn this around.
Bias for ADA
The bias for ADA is bearish due to its failure to break out of 40 cent resistance point.
Short-Term Prediction for ADA Price
Should the support at 35 cents fail, then it would become more likely for ADA’s price to fall to 30 cents toward the end of February.
Disclaimer
Inforation provided by Crypto Daily should not be taken as investment advice.