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Cardano Crashes by 15% Weekly, How Low Can It Go? (ADA Price Analysis)

ADABTC - Duo Nine 2023-06-09 20:00

With the market volatility returning, ADA was not spared and turned red.

Key Support levels: $0.30

Key Resistance levels: $0.33

Cardano’s price fell by 15% since Monday when the SEC sued Binance. In the process, ADA broke below 33 cents which now acts as resistance. The current support is at 30 cents, and buyers appear to have vanished.

ADAUSDT_2023-06-08_15-24-10 Chart by TradingView

Trading Volume: The selling volume increased dramatically early this week. The price was quick to react and crashed lower.

RSI: The daily RSI fell to 30 points and nearly reached the oversold area. This is bearish.

MACD: The daily MACD was bullish last Sunday. Since then, it turned bearish, and the current momentum is negative.

ADAUSDT_2023-06-08_15-23-56 Chart by TradingView


The bias for ADA is bearish.

Short-Term Prediction for ADA Price

With buyers unable to curb the selloff, ADA finds itself in a steep decline. The hope is that the support at 30 cents will manage to stop the current assault and give some relief. The bias is bearish, and a test of the key support appears likely.

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