Cardano (ADA) Price Prediction for This Week

by

ADA was unable to hold above $1. Will bears take over?

Key Support levels: $0.90

Key Resistance levels: $1.3

1. Sellers Return as ADA Falls under $1

Initially in the current week, there was a great deal of optimism that ADA might maintain its value above $1 and attempt to break through the resistance level at $1.3. However, since Tuesday, there has been a noticeable return of sellers who have successfully driven the price below $1. Currently, at the time this message is being posted, ADA is trading at 92 cents.

2. Momentum Reversal

Each day, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) histogram are forming lower highs, suggesting that Cardano might be experiencing weakness and could lead to a more significant correction. The crucial level of resistance is situated at approximately 90 cents; if this point fails as support, it’s possible that the price may decline to around 80 cents.

3. Buy Volume Crashed

In November, the buying activity reached its highest point. Since then, this cryptocurrency has been forming lower peaks, which indicates a downward trend. This bearish pattern is also reflected in the falling prices. Until buyers re-enter the market, Cardano (ADA) might find it difficult to recover its bullish momentum. Fingers crossed, the bulls will hold the price above 90 cents to prevent additional declines.

Read More

2025-01-09 15:54