Following the recent bearish market sentiment, Cardano’s ADA lost the psychological key support level of $1. In case this level won’t get reclaimed by today’s daily close, ADA will record a full-candle body trading below $1 for the first time since February 2021 (!).
Key Support levels: $0.84, $0.68
Key Resistance levels: $1, $1.2
Over the past month, ADA was trading amid the $1 mark. Despite two wicks below in January, the price action and the daily candles were above or around the significant support line.
If today’s candle closes at current levels (~$0.93), we can expect the $1 to turn into solid resistance after being strong support for so long.
This is a significant break of the market structure for ADA and signals that the price can drop much lower in the next future. The closest key support levels are found at $0.84 and $0.68.
![ADAUSDT_2022-02-20_15-52-01](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2022/02/cardano-price-below-1-here-is-the-next-support-level-to-watch-ada-price-analysis.png)
Technical Indicators
Trading Volume: Volume has been steady, but sellers had the upper hand in the past two weeks, with the price continuing to move lower.
RSI: The daily RSI is quickly approaching the oversold area, and ADA may see a temp relief once it hits one of the key support levels indicated above (in case support holds).
MACD: The daily MACD is bearish and picking up momentum. This is terrible news for ADA that is likely to continue South in the near term.
![ADAUSDT_2022-02-20_15-52-55](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2022/02/cardano-price-below-1-here-is-the-next-support-level-to-watch-ada-price-analysis-1.png)
Bias
The current bias is bearish, and losing the $1 support is a major red flag to any remaining bulls. Watch for today’s daily close – Sunday – which is also a weekly candle close.
Short-Term Prediction for ADA Price
If today’s candle closes below $1, expect to see ADA heading towards the key support levels at $0.84 and $0.68. The current price action gives no signs that ADA can move back up at this moment. Therefore, best to be patient and wait for a more comfortable entry at a lower point.
- 2021
- 84
- Action
- ADA
- analysis
- AREA
- around
- bearish
- being
- BEST
- body
- Bulls
- Cardano
- cardano price
- continue
- Current
- Despite
- Drop
- First
- first time
- found
- future
- here
- HTTPS
- IT
- January
- Key
- Level
- Line
- Long
- major
- mark
- Market
- Momentum
- move
- Near
- news
- prediction
- price
- Price Analysis
- quickly
- record
- relief
- Sellers
- sentiment
- significant
- Signs
- So
- South
- strong
- support
- support level
- time
- Trading
- volume
- wait
- Watch
- weekly