Cardano’s ADA drops by 8 percent and fails to get to the new key resistance so a new monthly low is on its way as we are reading in the Cardano latest news.
After the weekly recovery, Cardano resumed with a selling pressure that ended up in an 8 percent price drop. Against the USD, Cardano’s ADA broke below the weekly triangle pattern within two days of consolidation. Only a few days ago, Cardano’s ADA saw a mild recovery of about 9 percent after the two-week long correction which led the price to the $0.045 region at the start of March. As a result, Cardano’s ADA recorded a weekly high of $0.053 but the price got rejected and consolidated for two days before getting to a new low yesterday following the recent price action of Bitcoin.
As we can see on the charts in the Cardano latest news, the triangle breakdown shows a new bearish mode for the ADA/USD pair so if the price goes lower than the red horizontal line of $0.045, there will be a mid-term bearishness that will be confirmed. Cardano is still looking quite bearish in the short-term and the price is approaching significant support of $0.045 so if this level breaks, we can expect the altcoin to retest a new low around $0.042 according to the altcoin news analysis.
In any case, ADA regains the momentum back, the first critical level for the buyers will be the $0.0524 resistance where the prices started going down yesterday. Another major breakup will likely propel buying in the orange resistance area of $0.056. The RSI dropped back below the 50 levels to suggest a downtrend so a further drop in the oversold territory could cause serious trouble on the market. The MACD is showing some bearish signs currently nearing a crossover in the negative.
Following the Cardano latest news, ADA continued to decline inside the channel boundary that was forming and it seems to be resuming the downtrend after meeting further rejection around the 580 SAT level back on Thursday. Cardano’s ADA drops below the critical level which could confirm a short-term bearish continuation so the setup seems more bearish than bullish. If the bulls lose their defense, ADA could establish a new low of 500 SAT levels.
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