Cardano’s Correction Continues as Support Levels are Tested
Cardano (ADA) has been experiencing a continued correction, with the price struggling to break above key resistance levels. As a result, the bearish momentum has been confirmed, and the price is now heading towards the key support at $0.46.
Sellers Have the Upper Hand
The current momentum favors sellers, as ADA lacks the buying volume needed to reverse the downtrend. It is likely that a recovery will only be attempted once the key support level is re-tested.
Bearish MACD Signals
The 3-day Moving Average Convergence Divergence (MACD) indicator is showing bearish signals, with downward momentum accelerating in recent weeks. The MACD histogram has been consistently making lower lows since the bearish cross.
Bias: Bearish
The overall bias for ADA remains bearish, indicating a downward trend in the near term.
Short-Term Prediction: Buyers Await Discounted Price
Buyers are currently absent from the market and are likely to return once ADA reaches a significant discount. This is expected to happen when the price reaches the key support level at $0.46.
Hot Take: Cardano’s Correction Continues as Sellers Dominate
Cardano’s correction shows no signs of stopping as sellers maintain control of the market. With ADA unable to break above key resistance levels, the price is on its way towards testing the crucial support level. Momentum indicators and bearish MACD signals further confirm the current downtrend. The overall bias for ADA remains bearish, and buyers are waiting for a discounted price before entering the market again.
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