Unlike many mid-cap altcoins, Cardano’s ADA is still within a buying range despite posting notable losses in the past weeks. It now trades near a crucial support, where the next market phase will be determined. ADA’s market structure remains weak due to a steady reduction in the past months. This suggests a strong bearish presence while undergoing a deep correction daily. Still, its mid-term bullish trajectory remains intact. However, the crucial $0.8 level has been standing as support since it initiated drops two months ago. Technically, things are likely to get uglier soon following the new sell order building up from the $1 level. As we can see on the daily chart, ADA has been gathering volatility for almost two weeks, subjecting trading to choppy price actions. Due to this, we may see a crash. The key target level to watch would be $0.4. Currently, the selling pressure is low due to a lack of interest from the bears’ side but we can anticipate a major move when they show strong commitment. That should trigger a heavy supply in the market. The only condition for a bullish move right now lies in a rebound. If the mentioned crucial level continues to provide support, we can consider an upward movement with a double-bottom pattern. As it stands, the bears are most likely to have an upper hand in the near term. ADA’s Key Levels to Watch Source: Tradingview Breaking down the holding $0.86 support could cause a serious sell-off to $0.765 and $0.65 before reaching the mentioned key target level. If ADA continues to hold the mentioned level well, we may see a bounce back to $0.988. Retaking January’s $1.152 high should send us to the $1.32 resistance with a potential break up to $1.5. Key Resistance Levels: $0.988, $1.152, $1.32 Key Support Levels: $0.86, $0.765, $0.69 Price: $0.93 Trend: Bearish Volatility: Moderate Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: angrysun/ 123RF // Image Effects by Colorcinch
