The little bullish determination in the crypto market, is letting sellers exert pressure. However, the price of Cardano for example is defended by the bulls, quickly reversing the losses so that they do not last too long in the future.
At the time of this writing ADA trades at $1.27, accumulating a 0.59% loss in the last 24 hours, and 10.11% in the last 7 days.
At the moment there is no very positive foundation for this cryptocurrency, other than the recent launch of the Cardano developer portal.
Because of the little emotion, we still don’t see the fall being wrapped up. But the buying pressure on low prices tells us that we could soon see a rise.
Technical analysis of Cardano price to forecast its future behavior
In the weekly ADA vs USDT chart, support at $1.31 can be quickly identified, which is trying to be defended today.
If we look a little to the left, we see that in the past there was significant buying pressure on this level, thus producing two increasingly high minima.
However, the most relevant pressure was observed over $1.05, an area where the price was defended on 4 occasions.
It seems quite likely that what we are seeing about such prices is the manufacture of lows, before resuming the fairly obvious higher uptrend.
Even Cardano’s price shows no determination to hit new all-time highs in the near future, but the constant defense of support levels tells us that we can soon see a major jump.
To confirm that the medium-term trend is being resumed, the immediate resistance at $1.46 must be overcome.
Losing support at $1.31 will open the way to sales up to $1.05. The behavior we have seen tells us that it is quite difficult for the price to lose $1.05.
Short-term key levels
In the very short term we see how support at $1.31 has already been lost. However, the immediate buying pressure is trying to invalidate this break.
In the daily chart we see a bearish direction. To reverse this trend, resistance at $1.35 must be crossed.
If we see the price of Cardano ceding the ground to the bears today, support at $1.25 may be traversed in the very near future. This would open the way to sales up to $1.05, where you could think of purchases if you trust this project and want to take advantage of discount prices.
All our publications are informative, so in no case should they be accepted as investment advice.
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