According to technical analysis by Duo Nine of CryptoPotato, $1 levels can be seen on ADA where bears take over price action.
Cardano’s local asset ADA started a decline after failing to break the crucial resistance at $1.2. According to the analyst, the drop could push the price of the asset as low as $1, and buyers need to take action to lessen the downward pressure.
Similarly, the decrease in volume may indicate a decline and the asset losing its upward momentum. The RSI is also falling after reaching the overbought zone during the rally. The price seems likely to bounce back as it approaches $1 which will place the RSI at the 50 level. Also, the Daily MACD has confirmed the bearish trend.
If the price decline continues and sellers become more confident, ADA could drop to $1 or even lower. According to him, a bearish divergence in MACD means a significant change in trend and buyers should be very careful right now.
What are the Key Levels?
Major Support Levels: $1, 0.78
Major Resistance Levels: 1.2, 1.6
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