Cardano’s Price Plunge: Will the Bears Have Their Day? 🐻💰

by

Ah, Cardano, the cryptocurrency that seems to have all the stability of a toddler on a sugar high. Just when you think it’s found its footing above the $0.9250 mark, it decides to take a nosedive, leaving investors wondering if they should be buying a life jacket or a flotation device.

  • ADA has kicked off a fresh decline from the lofty heights of $0.9250, like a bird that forgot how to fly.
  • Currently, it’s trading below $0.850, which is about as comforting as a wet sock.
  • There’s a key bearish trend line forming, with resistance at $0.8050, which sounds like a fancy way of saying “don’t get your hopes up.”
  • If it dips below the $0.7650 support zone, we might as well start planning a funeral for this coin.

Cardano Price Faces Resistance

After a valiant but ultimately futile attempt to stay above $0.950, Cardano has joined the ranks of Bitcoin and Ethereum in the “What Were We Thinking?” club. It’s now below the $0.90 and $0.850 support levels, which is like watching your favorite team lose in the finals.

It even dipped below the $0.60 support zone, hitting a low of $0.5105. But wait! Like a bad horror movie, it’s back with a decent upward move, clearing the $0.60 and $0.70 resistance levels. The bulls must be feeling pretty proud, having pumped the price above the 50% Fib retracement level, which sounds impressive until you realize it’s just a fancy way of saying “we’re still in trouble.”

But lo and behold, the bears are lurking near the $0.80 zone, ready to pounce. There’s a key bearish trend line forming, and it’s not looking good for our hero, ADA.

Currently, Cardano is trading below $0.80 and the 100-hourly simple moving average, which is like being stuck in traffic on a Monday morning. On the upside, it might face resistance near the $0.80 zone and the 61.8% Fib retracement level, which sounds like a math problem no one wants to solve.

The first resistance is at $0.820, and the next key resistance might be $0.850. If it manages to close above $0.850, we could see a rally that would make even the most optimistic bull blush. In that case, we might just be looking at a price rise toward the $0.9250 region. And who knows? Maybe even a trip to $1.00, if we’re feeling particularly adventurous.

Another Decline in ADA?

If Cardano can’t muster the strength to climb above the $0.80 resistance level, we might be in for another decline. Immediate support on the downside is hovering around the $0.7650 level, which is about as reassuring as a cat in a room full of rocking chairs.

The next major support is at $0.7230. If it breaks below that, we could be looking at a test of $0.6880. And if things get really dire, the next major support is at $0.6250, where the bulls might finally decide to show up and save the day.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone, which is like watching a balloon slowly deflate.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level, which is a bit like saying it’s not completely dead yet.

Major Support Levels – $0.7650 and $0.7230, which are starting to feel like the last lifeboats on a sinking ship.

Major Resistance Levels – $0.8000 and $0.8200, which are about as inviting as a cold shower on a winter’s day.

Read More

2025-02-04 08:12