Cardano Coin CMP Near Its Make or Break Support Zone, What Next?

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  • The Cardano coin over the monthly chart is reaching near its critical support zone and trying to support its 100-DMA line. 
  • Presently, the crypto asset is placed above its vital moving averages of 100 and 200-day lines and fails to hold its short-term DMA lines of 20 and 50-DMA lines. 
  • The pair of ADA/BTC is trading at 0.00003686 BTC with an intraday loss of -5.97%, and the ratio of ADA/ETH is CMP at 0.0006049 ETH with an intraday drop of -4.12%.

Cardano coin is struggling to hold its vital support line of a 100-day moving average. Meanwhile, it fails to sustains above the short-term moving averages of 20 and 50-day lines. In the current scenario, the crypto asset is heading towards the critical support zone after facing selling pressure from the higher levels. Volume over the monthly chart is lower and needs to improve sharply in the upcoming trading sessions.

The overall medium to long-term trend is still bullish until the coin manages to sustain above the 100 and 200-day lines. We can see a sharp bullish rally once the coin manages to suppress its SMA of 20 and 50-days with supportive volume action.  Support on the lower side is $2.01 and $1.92, whereas resistance on the higher side is $2.45 and $2.79. 

Cardano coin is projecting the sideways trend over the weekly chart

Cardano coin is projecting the sideways trend over the weekly chart, while volume activity is also average. The technical parameters are suggesting an upcoming short-term bounce back, as the counter seems to be oversold. In the current situation, no fresh short is suggested, as the digital asset is already oversold. ADA is trading at $2.10 with an intraday dip of -5.23%, and the volume to market cap ratio is 0.03927.  

Relative Strength Index (OVERSOLD): Cardano coin RSI is trading on a slightly bearish note but reaches near the oversold zone. The coin can show a significant recovery in upcoming trading sessions and RSI at 34. 

Support levels: $2.01 and $1.92 

Resistance levels: $2.45 and $2.79. 



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