ADA Price Analysis – March 14
Cardano (ADA) slips today as the price drops to $0.026. In the nearest term, ADA/USD may likely create a new low or recover from slippery.
Resistance levels: $0.040, $0.042, $0.044
Support levels: $0.012, $0.010, $0.008
Cardano (ADA) saw a severe fall beneath the long-term support at $0.04, which is now, subjected to the price actions below the 9-day and 21-day moving averages over the past few weeks of trading. As the bears take charge, the coin is now losing momentum to the lower side of the descending channel along with a potential price surge. Any upward movement of the ADA coin is likely in the near future.
However, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.012, $0.010 and $0.008. On the upside, the bulls need to push the price above the 9-day moving average to reach the resistance at $0.040, $0.042 and $0.044 levels. Meanwhile, the stochastic RSI is now preparing to move out of the oversold zone, which may likely introduce bullish signals to the market.
Against Bitcoin, the market is seen to be moving below the moving averages and within the channel where the price is expected to break down the lower part of the channel. Should the price cross down the channel, the market will experience a downward trend that could touch the nearest support level of 430 SAT and below.
However, if the bulls could push the market to the north for it to move above the 9-day and 21-day moving averages, ADA price may reach the resistance levels of 580 SAT and 600 SAT respectively. The stochastic RSI indicator confirms that the market may soon be controlled by the buyers as it moves out of the oversold zone.
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