December 5, 2022

Cardano Price Analysis: ADA Facing Downtrend, But These Signs Are Promising in The Mid-term

1 min read

Cardano, one of the altcoins with extraordinary efficiency in 2021, has actually now dropped 75 percent from its ATH. Just recently, ADA lost the vital support level at $1. The rate is now declining, forming a falling wedge, accompanied by 100-day MA (marked by a white line on the everyday chart).

The Daily Chart (USD Pair)

Technical analysis by Grizzly

The OBV indicator is also dropping below its drop line. Evaluating these bearish signals, breaking above the red zone (fixed resistance) is the first condition for shifting back to a bullish trend. The current essential support/resistance levels are displayed in the chart below.

Key support levels: $0.73 and $0.45

Key resistance levels: $1 and $1.2

The Daily Chart(BTC Pair) The ADA price is at the crossway of dynamic and static support versus BTC(ADA/BTC). The majority of technical speculators expect a rebound due to the divergence and greater lows formed by the Stochastic RSI oscillator.

In general, according to the current interviews of the task creator and basic news such as the increase of the TVL, the growth of long-lasting holders, staking worth, and wise agreements on Cardano, favorable price motions are possible in the mid to long term. The overall crypto belief may cause extra volatility in ADA in the short term.