• Sat. Jun 22nd, 2024

Cardano (ADA) Prepares for a Downswing to $1.2025

Jul 10, 2021

Brief –

  • ADA-USD’s rebound falls momentum this Saturday amid low market sentiments.
  • If ADA breaks down on the 12-Hr rising channel, it might dip towards the $1.20 zone.
  • ADA sellers have hopes due to the impending bearish Relative Strength Index and bear cross.

Cardano (ADA-USD) looks to continue with its recent down moves after temporary reversals from $1.2833 weekly lows on Friday.

ADA launched an impressive rally but failed to break the $1.40 mark. That came as sellers controlled the market amid the tweets that attacked Charles Hoskinson, Cardano’s CEO.

The whole event started after the Cardano founder retweeted an old tweet highlighting ADA’s objectives as far as crypto adoption is concerned.

While publishing this, Cardano’s value hovers around $1.34 after losing 0.83% today. With such moves, the alternative coins lose about 2% every week.

ADA Remains Bearish With Massive Resistance Levels

ADA struggles to continue its recoveries this week, facing massive resistance zones between $1.3700 and $1.3800.

Remember, the coin turned the rising channel into a resistance level around the range. The 50- SMA and 21-SMA cross on the 12-Hr candlesticks act as a vital level.

As such, if the coin fails to find support over the resistance mentioned above, bearishness will dominate the market, triggering extended downtrends to the 1-week lows.

The next crucial support lies at $1.2778, 2 July lows. After that, it might move to test the horizontal support level at $1.2025.

At the moment, the downside remains Cardano’s easiest path. The asset has to break various challenges to ensure uptrends.

Most indicators show that ADA’s network has increased bearishness for now. The RSI remains lower in the bearish territory, confirming the potential down moves.

Also, the impending bear cross strengthens the bearish case. The 100-SMA fluctuates closer to the 200-SMA, denoting plunges.

On the other hand, if ADA bulls manage to control the crucial supply level near $1.3800, they might launch a new rally to the horizontal level at $1.4610 and 200-SMA.

However, ADA enthusiasts might face a challenging bearish at $1.4783 and 100-SMA, fading uptrends.

Cardano optimists remain hopeful that ADA will launch recoveries in the coming sessions. For now, the network indicates massive bearishness, with chances to drop.

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