The Cardano price prediction dips below $0.90 today as the coin moves to break below the lower boundary of the channel.
ADA/USD Market
Key Levels:
Resistance levels: $1.10, $1.20, $1.30
Support levels: $0.60, $0.50, $0.40
ADA/USD is currently experiencing a downtrend as the bears dominate the entire crypto landscape. At the time of writing, the Cardano price is hovering below the 9-day and 21-day moving averages as the trend experiences a bearish inclination, which may likely touch the nearest support at $0.80. More so, the technical indicator has remained bearish as the Relative Strength Index (14) continues to dig deeper toward the oversold region.
Cardano Price Prediction: ADA Price May Create More Supports
As the daily chart reveals, as the Cardano price heads to the downside, the best the bulls can do is to defend the support at $0.80 and focus on pushing the coin above the 9-day and 21-day moving averages. However, the coin has been following downward movement but the sharp drop today affected the buyers from an attempted recovery above $0.90.
Meanwhile, if there is an increase in buying pressure, the price may break above the moving averages to reach the $1.00 resistance. While trading at that level, a bullish continuation may locate the resistance levels at $1.10, $1.20, and $1.30 respectively. In addition, if the coin decides to remain on the negative side, any further bearish movement could hit the support levels at $0.60, $0.50, and $0.40.
When compared with Bitcoin, the bears keep the Cardano price below the 9-day and 21-day moving averages. According to the recent negative sign, the trend may continue to follow the downtrend as much as the buyers failed to push the price above the moving averages.
However, as the technical indicator Relative Strength Index (14) remains below the 40-level, it may likely cross into the oversold region, and a bearish continuation could lower the price to the support levels of 1600 SAT and below, but once it moves out of this zone, the market price may begin an upward trend towards the resistance level of 2800 SAT and above.
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