Cardano Price Analysis: ADA Crashes 15% in a Day, Here’s the Next Support

Key Support levels: $0.68

Key Resistance levels: $0.85

ADA’s price lost the key support at $0.85 and is falling quickly. The level has now turned into resistance, and the cryptocurrency may fall all the way to $0.68 where buyers may attempt a reversal. The outlook is bearish and ADA is approaching oversold conditions.

Chart by TradingView

Technical Indicators

Trading Volume: The large selling volume today has pushed the price much lower. An increasing volume during a decline is a bearish signal.

RSI: The daily RSI fell under 30 points and is now in the oversold territory. Price rarely stays in extreme positions for long, but at the time of this post, there is no sign of a possible reversal.

MACD: The daily MACD is bearish with sell pressure building up. ADA may fall much lower before any relief rally happens.

Chart by TradingView

Bias

The current bias is bearish.

Short-Term Prediction for ADA Price

It seems likely that ADA will visit lower levels before getting a chance to bounce. The key support at $0.68 may provide some defense, but it is very important to monitor how the price will perform once it reaches it.