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Cardano Price Prediction: ADA drops towards monthly support but further losses will be challenged

  • Cardano fails to keep the previous day’s recovery moves, stay pressured below 21-day SMA.
  • Clear trading below immediate SMA, bearish MACD direct sellers to nearby support line.
  • Five-week-old horizontal area adds to the upside filters, 50-day SMA tests bears as well.

ADA/USD remains depressed below 21-day SMA, currently down 1.15% to $1.1022, during early Wednesday. In doing so, the cryptocurrency pair stays below the immediate SMA for the third day in a row.

Not only the sustained break of 21-day SMA but a clear downside past-horizontal region comprising multiple levels since February 20 and bearish MACD also favor Cardano sellers.

As a result, ADA/USD sellers are currently eyeing the short-term support line, at $1.0780 now. However, the quote’s further downside will be tested by 50-day SMA and the monthly low, respectively around $1.0260 and $0.9870.

It’s worth mentioning that the pair’s downside break of $0.9870 will not hesitate to challenge the late-February levels near $0.8000.

On the flip side, a clear break above 21-day SMA and stated horizontal hurdle, near 1.1520 and 1.2015 in that order, will recall the ADA bulls.

Though, the monthly high of 1.4720 and February’s top surrounding 1.4850 will be tough nuts to crack for ADA/USD buyers afterward.

ADA/USD daily chart

Trend: Further weakness expected

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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