Cardano’s price has dropped off crucial support after trading sideways for weeks. As a result, it has shown a strong sign of weakness again as more negative sentiments could follow the market in the coming days.

The latest cut in Bitcoin’s price has made Cardano witness a serious loss in the past hours. The loss became noticeable after losing the crucial $0.3 support earlier today. As of now, the sellers are mounting pressure in the market.

Despite its low trading volume, it was able to tap $3.3 (as a monthly high) during the recent market recovery. This monthly high is where the price started to fall before it became notable. 

As seen on the daily chart, the bears have stepped back and are now gaining control of the market. While it trades around the middle area of this channel, there’s still a chance for a long bearish ride to the lower boundary. The setup could result in a huge price collapse if it comes into play. 

Following this bearish sentiment, it might take a few couples of days before the buyers can show up again for a correction. It is targeting a lower price level at the moment.

As long as the trend remains in a downward position, ADA will keep losing momentum until it finds a solid level to foot a fresh increase. The price is down by 8.89% in the past week of trading.

Cardano Price Analysis (ADAUSDT) – Daily Chart

Source: Tradingview

Cardano is trading at a support level of $0.286 at the moment. The following support to watch below this level is $0.231. The selling pressure could reach $0.187 if the price continues to decline.

Meanwhile, the $0.3 support level that broke recently is now serving as resistance. The resistance above it lies at $0.33, followed by $0.378, where the price broke down during last month’s crash.

Key Resistance Levels: $0.33, $0.378, $0.43

Key Support Levels: $0.285, $0.231, $0.187

Spot Price: $0.286
Trend: Bearish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ December 20, 2022 3:11 pm