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Cardano Price Analysis: ADA Deletes December’s Progress, Crashes to $1.2

Key Support levels: $1.2

Key Resistance level: $1.5

After ADA was rejected by the key resistance at $1.5, the price started to fall. With yesterday’s market crash, the cryptocurrency arrived back on the $1.2 support, which was the starting point of the last rally during December. Sellers will need to step up to break this key support level that has held well so far.

Cardano Price Analysis: ADA Deletes December's Progress, Crashes to $1.2

Chart by TradingView

Technical Indicators

Trading Volume: The volume was strong during yesterday’s selloff and has reduced slightly today. Bulls need to be firm if ADA is to hold above $1.2.

RSI: The daily RSI is falling after making a lower high. The trend is clearly bearish, and if ADA cannot stop the downfall, then the RSI will soon reach the oversold area.

MACD: Due to yesterday’s crash, the daily MACD completed a bearish crossover. This only intensified today with a falling histogram and expanding moving averages.

Cardano Price Analysis: ADA Deletes December's Progress, Crashes to $1.2

Chart by TradingView

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Bias

The current bias is bearish.

Short-Term Prediction for ADA Price

The key support is under pressure, and any weakness may lead ADA to $1. The indicators are bearish, and the daily MACD just started its downtrend. It will be very difficult for the cryptocurrency to sustain its current price level at $1.2 if the overall market continues to decline.

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Tags: Cardano (ADA) Price

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