Cardano Crashes 10% Below a Critical Support, Where’s the Bottom? (ADA Price Analysis)

Key Support levels: $0.58 

Key Resistance levels: $0.75

It’s shaping up to be another difficult day for ADA holders with sellers taking no break. The critical support at $0.75 has now turned into resistance after bulls were unable to defend this important level, with prices crashing over 10% over the past 24 hours.

The next level of support is found at $0.58, and ADA looks very weak at the time of this post.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is increasing, and this is the fifth daily candle in red for ADA. This confirms a strong ongoing bearish momentum.


RSI: The daily RSI is one point away from entering the oversold area at under 30 points.

MACD: The daily MACD remains firmly on the bearish side, with the histogram expanding lower as the selling volume increases.

ADAUSDT_2022-05-09_14-04-49
Chart by TradingView

Bias

The bias for ADA is bearish.

Short-Term Prediction for ADA Price

ADA has entered a very difficult stage in the bear market. The existing support levels until 40 cents are weak and don’t give much confidence for a reversal. The loss of the $0.75 level is a major defeat as sellers continue having the upper hand.

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Cryptocurrency charts by TradingView.