Cardano Price Analysis: ADA/USD bulls see no light at the end of the tunnel; key resistance at $0.11 unshakable
|- Cardano embraces support at $0.10 following a consistent breakdown from 2020 highs at $0.1554.
- ADA/USD likely to settle for consolidation in the range between $0.1 and $0.11.
Cardano has been on a spiral since it traded a yearly high at $0.1554. There was a period of consolidation between $0.14 and $0.15 for at least two weeks before the downtrend intensified. The last seven days have been painful for the investors as ADA plunged massively almost brushing shoulders with the main support at $0.10.
At the time of writing, ADA is making attempts to correct from the dip. However, a seller congestion at $0.11 is not about to hand them an easy pass. The price is dancing at $0.1086 while on the downside, the crypto is supported strongly above $0.10.
The technical levels look drab as per RSI and the MACD. The former lifted off the oversold region but stalled under 40. Sideways trading is likely to continue in the short term. Similarly, the MACD highlights the presence of selling pressure which explains why ADA has not been able to overcome the resistance at $0.10.
ADA/USD 4-hour chart
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