ADA could bounce back after retesting the $0.84 low; Check forecast
Key takeaways
- Cardano’s ADA is the worst performer among the top 10, losing 8% of its value in the last 24 hours.
- The coin could recover above $1 soon after retesting the $0.84 low.
ADA retests $0.84 amid bearish PA
The cryptocurrency market has been bearish since the start of the week, and Cardano’s ADA has been the worst performer among the top 10 coins by market cap. ADA is down 8% in the last 24 hours and briefly dropped to the $0.8400 level.
The bearish performance saw ADA retest the TLQ at $0.8400 and could be getting ready for another leg-up after surpassing the $1 psychological mark last week. Its performance coincides with a massive sell-off in the broader crypto market, with Bitcoin briefly dropping below $113k earlier today.
Ether also dropped below $4,200 while XRP and Solana have failed to keep their prices above $3 and $200, respectively.
ADA to hit $1 if the $0.8400 support holds
The ADA/USD 4-hour chart is bullish and efficient despite Cardano losing 8% of its value in the last 24 hours. The technical indicators are switching bearish, suggesting that sellers are currently in control.
The RSI of 44 shows that ADA could be heading into the oversold territory if the bulls don’t regain control. The MACD lines have also crossed over into a bearish region.
At press time, ADA is trading at $0.8491 as the $0.8400 support level holds. If the support level continues to hold, ADA could surge past the first major resistance level at $0.9570 before surpassing last week’s high of $1.0198.
However, failure to hold the $0.8400 support level could see ADA take out the TLQ and drop to the next major support zone at $0.7685. An extended bearish performance would see ADA retest August’s low of $0.6820.
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