ADA holds above 64 cents, but momentum remains bearish.
Key Support levels: $0.64, $0.45
Key Resistance levels: $0.90, $1.3
1. ADA Hovers Above Key Support
After a very volatile period, ADA’s price settled on the key support at 64 cents. So far, this level has held well and managed to keep sellers at bay. Nevertheless, the momentum remains bearish with lower highs and lower lows. This could end up putting pressure on the key support again soon.
2. Sellers Dominate
When Trump made its first announcement about the US Crypto Strategic Reserve, ADA shot up above $1 on the news that it will be included in such a reserve. However, since then, the price corrected in full and returned to it’s pre-pump levels. This indicates that the rally was just a temporary market speculation without long-term demand.
3. Weekly MACD Remains Bearish
On the weekly MACD, nothing has changed for Cardano since the bearish cross from late January. Even the tweet from Trump did not change the current downtrend. This only shows that a reversal is still quite some distance away. If the support at 64 cents falls, then the price will likely visit 50 cents next.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
