Cardano (ADA) price extends losses from the previous session on Thursday, trading at more than 2% losses. The price opened higher, but the rally quickly died down and the price hovered close to the session low. Investors are looking for a catalyst to reverse from current levels as this represents a reliable support level.

Cardano (ADA) price manages to hold a critical level of $1.0. An advantage is essential to avoid the bearish sentiment. A decisive close below $1.0 could increase downside risk.

In the latest update, Cardano records a significant increase in on-chain activity, with new addresses increasing by 167%. According to a prominent crypto analyst, the metric’s continued growth usually precedes a spike in price volatility for ADA.

In addition, a leading decentralized exchange SundaeSwap on the Cardano blockchain has surpassed the total trading volume of 100 million ADA.

Cardano (ADA) waiting for a U-turn

On the daily chart, Cardano (ADA) price is in the long-term downward price trend from a record high of September 2. Currently, ADA price is consolidating after retesting the critical support zone at $1.05. But for a trend reversal to happen, ADA needs to break the $1.12 bearish line.

Source: Trade View

Further, if the bulls can push Cardano’s price to a close at or above $1.25, ADA will target the psychological level of $1.50.

Alternatively, downside risk for the pair remains below the USD 1.0 level. A daily close below the said level could trigger another sell-off while aiming for the new low.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) is holding steady at 42 with a bearish bias indicating downside risk remains intact.

MACD: The moving average convergence divergence (MACD) reads below the midline.


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This post Cardano (ADA) Price Prediction: ADA Holds Near Critical Level of $1.0

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