ADA Price Analysis – February 26
Cardano (ADA) is down by 10.54% over the last 24 hours. The next support of the coin may likely reach $0.040 level.
Resistance levels: $0.060, $0.065, $0.070
Support levels: $0.040, $0.035, $0.030
Cardano (ADA) is falling beneath the long-term support at $0.052, which is now subjected to the price actions below the 9-day and 21-day moving averages over the past few days of trading. As the bears take charge, the coin is now losing momentum to the lower side of the rising wedge along with a potential price surge. Meanwhile, the technical indicator RSI (14) on the daily time frame is bearish and continues to issue sell signals.
However, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.040, $0.035 and $0.030 levels. On the upside, the bulls need to push the market price above the red-line of the 9-day moving average to reach the potential resistance at $0.060, $0.065 and $0.070 levels.
Against Bitcoin, the market is seen to be moving below the moving averages and within the descending channel where the price is expected to break down the lower part of the channel. Should the price cross down the channel, the market could experience more downward trends that may touch the nearest support level of 470 SAT and below.
In other words, if the bulls could manage and push the market towards the north for it to move above the 9-day and 21-day moving averages. If successful, ADA price may reach the resistance levels of 630 SAT and 680 SAT respectively. More so, the RSI (14) indicator confirms that the market is been controlled by the sellers as it moves into the 40-level.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.