Cardano (ADA) price is under downward pressure at the critical level of $1.0. ADA opened higher but is unable to hold on to gains and is falling further as selling pressure builds. The current price action tells that bears are in full control.

Cardano (ADA) is trading lower for the third straight session. ADA continues to be under pressure near the pivotal USD 1.0 level. Average volumes have fallen since January 17.

ADA continues to slide on the daily chart

Source: Trade View

The formation of a ‘Doji’ candlestick at the critical $1.0 level on Tuesday showed that bulls were unwilling to continue the upward momentum. Since the formation is followed by three black candles, the long-term downward pressure on the asset remains intact.

Technical indicators:

RSI: The daily Relative Strength Index has been falling continuously since January 17th. He is currently at 34 just above the average line. Any drop in the indicator would lower the price further.

MACD: The Moving Average Convergence Divergence, struggles below the midline with a neutral bias.

Volumes: Trading volumes correspond to the price drop.

If the price fails to sustain the session low, investors will test the $0.80 as the first downward target.

Then, failing to sustain the February lows of $0.74 could explore fresh new lows for the asset.

On the other hand, renewed buying pressure would reverse the prevailing downtrend. In addition, investors will try to grab the $1.0.

At press time, ADA/USD is trading at $0.86, down 3.62% for the day.

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author



This post Cardano (ADA) Price Prediction: ADA Falls for Third Consecutive Day, Watch $80.0

was published first on https://coingape.com/markets/cardano-ada-price-prediction-ada-falls-for-third-straight-day-keep-eyes-on-80-0/

Author

Write A Comment