Cardano Downtrend Continues as Buyers Stay Absent

By Owen Patter Aug 16, 202367Views

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Key Support Lost

Unfortunately for ADA holders, the price did not manage to hold above the key support at 28 cents. This has now turned into resistance, and the current momentum is favoring sellers.

Bearish Momentum Intensifies

With a new lower low, the bears appear to have full control of the price action, which could lead ADA into much lower levels. The most significant support right now is found at 25 cents.

RSI Approaching Oversold Area

Since mid-July, Cardano has been in a downtrend which could end once the daily RSI reaches the oversold area at under 30 points. There is still plenty of space for this indicator to fall before that, however.

Hot Take: With buyers absent, Cardano’s downtrend seems to be continuing, and it may struggle to reverse its current bearish momentum. The key support levels at 25 cents and key resistance levels at 28 cents will be crucial to watch as they could determine the future direction of ADA’s price.

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Owen Patter

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen's contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.