Cardano, one of the outperforming altcoins in 2021, is now down 75 percent of its ATH. Recently, ADA lost the critical support level at $1. The price is now moving down, forming a falling wedge, accompanied by a 100-day MA (marked by a white line on the daily chart).

The daily chart (USD pair)

technical analysis by Grizzly

The OBV indicator is also falling below its downtrend line. When evaluating these bearish signals, breaking above the red zone (static resistance) is the first condition to return to an uptrend. The current key support/resistance levels are shown on the chart below.

Key Support Levels: $0.73 and $0.45

Key resistance levels: $1 and $1.2

The daily chart (BTC pair)

ADA price is at the intersection of dynamic and static support against BTC (ADA/BTC). Most technical speculators are expecting a bounce due to the divergence and higher lows formed by the Stochastic RSI Oscillator.

Overall, based on recent project founder interviews and fundamental news such as rising TVL, long-term headline growth, stake value, and smart contracts on Cardano, positive price moves are likely ahead. medium and long term. finished. The general crypto sentiment could cause additional volatility in ADA in the short term.

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Cryptocurrency charts from TradingView.

This post ADA is facing a downtrend, but these signs are promising in the medium term

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