Cardano Price Analysis – March 1
As revealed by the daily chart, the Cardano price remains within the moving averages as the coin may trade below the $1.00 level.
ADA/USD Market
Key Levels:
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.75, $0.65, $0.55
ADA/USD is currently falling below the 21-day moving average after touching the daily high of $1.01, which is now subject to the price actions around the 21day moving average. However, as the bears step back into the market, the Cardano price is seen losing momentum towards the lower boundary of the channel.
Cardano Price Analysis: ADA/USD May Follow the Downtrend
The Cardano price is likely to follow the downtrend as the coin stays within the 9-day and 21-day moving averages. Meanwhile, a bullish cross above the 21-day moving average is needed to correct the immediate bearish pressure and bring the coin back on the recovery trend. Once it is out of the way, the upside is likely to gain traction with the next focus on $1.20, $1.30, and $1.40 resistance levels.
However, on the downside, once the support of $0.90 is broken, the sell-off may likely gain traction with the next focus at the nearest support level of $0.85, which could be followed by the nearest support level of $0.80. Therefore, if these levels are broken, the downside pressure may increase and the next support is created by the critical support of $0.75, $0.65, and $0.55 levels as the technical indicator Relative Strength Index (14) remains below 50-level.
ADA/BTC Market: Cardano Price Remains At the Downside
Compared with BTC, the Cardano (ADA) is following a downward trend as revealed by the technical indicator Relative Strength Index (14). Although the market price is down as it hovers around 2184 SAT. Meanwhile, a low swing could push the coin to the support level of 1800 SAT and below.
At the moment, the bears are gaining ground while they are declining as the Relative Strength Index (14) moves into the oversold region. On the other hand, a rebound may occur if the buyers could defend the current level at 2184 SAT and push it above the 9-day and 21-day moving averages which could push the coin to hit the potential resistance level of 2600 SAT and above.
