Cardano’s Bullish Momentum Stalls, is $0.36 Imminent? (ADA Price Analysis)


Cardano failed to move higher, and momentum is now shifting toward sellers.

Key Support levels: $0.36, $0.32

Key Resistance levels: $0.40, $0.44

After multiple failed attempts at the 40 cents resistance, bulls are about to lose control of the price action. Should the cryptocurrency fall, then the key support will be found at 36 cents. With the indicators turning bearish, Cardano could enter a correction in the coming days, which will put pressure on buyers.

ADAUSDT_2023-02-08_09-37-08
Chart by TradingView

Trading Volume: The volume is making lower highs which signals that buyers are exhausted.

RSI: The daily RSI is falling towards 50 points, and the trend is turning more negative with lower lows.

MACD: The daily MACD turned bearish last weekend, and the histogram is making lower lows. This shows sellers have the upper hand.

ADAUSDT_2023-02-08_09-37-39
Chart by TradingView

Bias

The bias for ADA is leaning bearish.

Short-Term Prediction for ADA Price

Cardano appears to have found a local top at 40 cents, and a correction from this point appears likely. Bears may control the price action until the first level of support at 36 cents, where buyers could return to reverse the downtrend.

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Cryptocurrency charts by TradingView.



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