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.
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.
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 Holds Near Critical Level of $1.0
was published first on https://coingape.com/markets/cardano-ada-price-prediction-ada-holds-near-critical-1-0-level/