Crypto News

CARDANO PRICE ANALYSIS & PREDICTION (March 28) ADA Loses 6% as it Resumes Selling Amid Latest Clampdown

While few altcoins are still posting gains today, many have resumed bearish after undergoing a three-week retracement. ADA joined the party and is now posting minor losses on the daily scale.

The past three weeks trading has subjected ADA to a consolidation phase due to a serious contraction. But things are now getting heated up from the bears side following a notable loss in the last 24 hours.

While the bearish party is likely to continue, more selling pressure can be expected with bigger losses in the coming days. Retaking the monthly low is a key target for the bears. If they do this week, we can expect a key breakdown capable of expanding bearishness in the coming month.

If that occurs, ADA may plunge to as low as $0.37 a key level where the price surged through during last Novembers rally. A rebound should be expected once the price tests the mentioned low. Losing that months low would mark the start of a long-term bearish move.

For now, theres still hope for a bullish move, even in the face of the dip. If the bulls manage to defend the recent yearly low well, we can anticipate an increase capable of restoring bullish actions. That could trigger a rally to a new high. But looking at the latest setup from a technical perspective, the bears are expected to gain more control soon.

ADAs Key Levels to Watch

Source: Tradingview

In the latest fall, ADA is eyeing $0.65. A successful pull below this level could bring a retest at the $0.58 and $0.5 levels before plunging heavily to the mentioned low.

While theres no sign of bulls in the market at the moment, the higher resistance level to watch for buying would be $0.913 and $1.175, aside from the recent weekly high of $0.776.

Key Resistance Levels: $0.776, $0.913, $1.175

Key Support Levels: $0.65, $0.58, $0.5

  • Price: $0.7
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Read more: https://nulltx.com/cardano-price-analysis-prediction-march-28-ada-loses-6-as-it-resumes-selling-amid-latest-clampdown/

Text source: NullTX

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories