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CARDANO PRICE ANALYSIS & PREDICTION (February 10) –ADA Eyes Recent Low as Volatility Shrinks, Can It Hold Again?
By: Will Izuchukwu
As the market continues to experience another major drop this week, ADA has lost a psychological level and retracted deeply to a three-month low. This sudden downturn in prices has triggered a serious panic in the market and is now following a strong negative bias.
Despite being bearish on the short-term trend, the asset remains bullish on the macro level. However, the recent drop has put a significant dent in ADA’s overall sentiment. The past month has seen back-to-back drops, which may be attributed to the ongoing turmoil in the crypto market.
Notably, the last two weeks have witnessed one of ADA’s biggest losses as it broke down from the $0.8 level to $0.5 – this marked its lowest price for the first time in three months. Following a long-wick rejection, the bears have come out again and continued to apply pressure on a daily scale.
Although the pressure is not considerable at present, recent rejections suggest an exhaustion in selling. A rise in selling volume could lead to more dips in the future. Should this week’s low hold well as support, we might expect a pushback to the broken level before deciding which direction to take next.
At the moment of writing, there is no sign of recovery as the price continues to drop. As long as ADA remains under the bears’ radar, we could see a deeper retracement in the coming days. A hold above it should fuel a fresh buy in the market.
ADA’s Key Levels to Watch
As mentioned earlier, while ADA is negotiating $0.69, there’s support at $0.6. If it reclaims this week’s $0.5 low, the price may break lower to $0.43 and $0.36. If by any chance a bounce occurs, the potential resistance level for a buy would be $0.765, followed by $0.86. A push above it could bring us to $0.988. The next level for an increase would be $1.152.
Key Resistance Levels: $0.765, $0.86, $0.988
Key Support Levels: $0.69, $0.60, $0.50
Price: $0.7
Trend: Bearish
Volatility: High
Source: nulltx.com
