Cardano Price Analysis: Following a 10% Weekly Crash, ADA Bulls Defend $2 Support
ADA/USD – Buyers Battle To Defend $2
Key Support Levels: $2.05, $2.00, $1.88.
Key Resistance Levels: $2.21, $2.33, $2.40.
ADA managed to find support at $2 today as it rebounded from the .618 Fib level. The cryptocurrency is still down 10% over the week, $2 is looking to be a promising threshold for the bulls.
The cryptocurrency developed strong support at $2.40 last week but fell beneath it over the weekend. During the market capitulation yesterday, ADA dropped below the 50-day MA level at $2.30 and continued lower until it found the .618 Fib support at $2.05. Today, it did spike beneath $2, reaching as low as $1.91, but did quickly rebound.
ADA-USD Short Term Price Prediction
Looking ahead, the first support lies at $2.05 (.618 Fib). This is followed by $2.00, $1.88 (downside 1.414 Fib Extension), $1.80 (100-day MA), and $1.75 (.786 Fib).
On the other side, the first resistance lies at $2.21 (bearish .236 Fib). This is followed by $2.33 (50-day MA), $2.40 (bearish .382 Fib), $2.55 (bearish .5 Fib & 20-day MA), and $2.70 (bearish .618 Fib).
As expected, the RSI is beneath the midline as the sellers control the market momentum.
ADA/BTC – Market Finds Support AT 4800 SAT
Key Support Levels: 5000 SAT, 4710 SAT, 4600 SAT.
Key Resistance Levels: 5050 SAT, 5400 SAT, 5800 SAT.
ADA also found solid support at 4800 SAT yesterday, which allowed the market to rebound and break back above 5000 SAT. The coin fell beneath 5000 SAT at the start of the weekend and continued lower until the support was found at 4800 SAT.
Today’s bounce has allowed ADA to break back above 5000 SAT and climb above the 50-day MA level. It is now battling the May 2021 highs.
ADA-BTC Short Term Price Prediction
Looking ahead, the first resistance lies at 5050 (May 2021 highs). This is followed by 5400 SAT (20-day MA), 5800 SAT, and 6000 SAT.
On the other side, the first support lies at 5000 SAT (50-day MA), 4715 SAT (.5 Fib), 4600 SAT, and 4350 SAT(.618 Fib & 100-day MA).
Again, the RSI slipped beneath the midline as the bears took control. Today’s rebound has started to reduce the bearish pressure.
Text source: CryptoPotato
