September 22, 2021

Cardano (ADA) Losses 10% after Failure to Surmount $3 – Price Analysis

ADA had its price declining drastically by 10% today as the token hit the $2.50 lows. Against BTC, the alternative token plunged beneath the 20-day Moving Average.

ADA/USD – ADA Moves Lower to .382 Fibonacci

  • Critical support levels – $2.50, $2.26, and $2.00
  • Critical resistance levels – $2.76, $3.00 and $3.20

Cardano has battled the resistance level at $3 since August end. The crypto traded within an ascending channel the whole month. Such price actions allowed ADA to surge beyond the $3 mark.

In September, Cardano’s ADA declined below the price channel after failing to overpower $3 following many attempts during the weekend. Yesterday, the virtual coin drop towards the support zone at 20-day Moving Average and .236 Fibonacci at $2.75. The crypto extended its downswings today, attaining a daily 10% crash. With that, ADA plunged to the .382 Fibonacci at $2.50.

Meanwhile, the alternative cryptocurrency experienced a slight bounce from the levels to trade beyond the $2.60 level. However, market players expected the recent plunge after the token faced rejection at $3.00 after many attempts.

ADA/USD Near-Term Price Forecast

For now, ADA’s initial supports is at .382 Fibonacci ($2.50). The following ones are .5 Fibonacci ($2.26), .618 Fibonacci and 50-day Moving Average ($2.26), and 100-day Moving Average ($1.80). Meanwhile, the nearest resistance locates at 20-day Moving Average ($2.75), followed by $3, 1.414 Fibonacci Extension ($3.20), 1.272 Fibonacci Extension ($3.42), and 1.414 Fibonacci Extension ($3.66).

The RSI depicted a slight bearish divergence last week before heading low recently. That indicated that the previous bullishness loses momentum.

ADA-BTC – Bulls Drops to June Highs

  • Critical support levels – 5080 BTC, 4890 BTC, and 4712 BTC
  • Crucial resistance levels – 5550 BTC, 6000 BTC, and 6200 BTC

Last week, ADA rolled over at 6000 BTC after declining to break beyond the resistance following several attempts. Yesterday, the crypto fell below the 20-d MA near 5550 BTC and extended its lows under 5500 BTC.

Today, Cardano maintained its plunging attitude against Bitcoin as it dived to the 4890 TC lows (June highs). It then bounced from the support to trade near 5200 BTC.

ADA/ BTC Near-Term Price Forecast

The pair has their initial support at 5080 BTC (.382 Fibonacci) followed by June high as 4890 BTC, .5Fibonacci (4712 BTC), and 50-day Moving Average (4500 BTC). Meanwhile, the coin’s first resistance locates at the 20-day MA (5550 BTC). The following resistances are 6000 BTC, 6200 BTC (1.414 Fibonacci Extension), and 6500 BTC.

Recently, the RSI dropped below the midline, indicating upcoming bearishness.

Stay tuned for the latest crypto news.