March 30, 2023

Cardano Continues to Struggle as Bears Take Control

Cardano (ADA) has been struggling to find any relief since the support at 35 cents was broken to the downside. With buyers absent, the price has only one direction at the moment, and that is down.

The key support levels for ADA are currently at $0.30, and the key resistance levels are at $0.35. However, the cryptocurrency is quickly approaching the key support at 30 cents, and bears have total control of the price action, which has remained bearish since mid-February.

The steady sell volume has pushed the price lower almost daily, and buyers are nowhere to be seen at this time. The daily RSI is at 34 points and may soon reach the oversold area at under 30 points. The daily MACD remains bearish, with the moving averages continuing to fall, and there is no sign of a possible reversal yet.

The bias for ADA is currently bearish, and it will likely remain so until the cryptocurrency finds support. The current resistance is at 35 cents, and it will likely not be tested until the cryptocurrency finds support.

Investors and traders are advised to exercise caution when dealing with ADA, as the cryptocurrency is currently in a downtrend and may continue to fall in the coming days. However, some analysts believe that ADA may rebound in the long term, as the fundamentals of the cryptocurrency remain strong.

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