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Cardano's Correction Continues as Key Support and Resistance Levels Emerge

19/01/2024 16:17

According to CryptoPotato, Cardano's price correction has persisted this week, with no signs of stopping soon. Key support levels are at $0.46 and $0.40, while key resistance levels are at $0.60 and $0.65. ADA's inability to break above 60 cents has led to a continuation of the downtrend, with the price now heading towards the key support at 46 cents. This confirms the bearish momentum, and buyers may not return until later. Momentum indicators reveal that sellers currently have the upper hand. ADA lacks the buy volume needed to reverse the downtrend and may only attempt a recovery once the key support is re-tested. The 3-day Moving Average Convergence Divergence (MACD) is bearish, with its downward momentum accelerating over the past week. This is evident on the MACD histogram, which has been making lower lows since the bearish cross. The bias for ADA is bearish in the short term. Buyers are absent and may only return once ADA is at a significant discount, which is most likely to occur when the price reaches the 46 cents support level.

Bullish

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