- CEO of Eight Global states that it’s not time to heap up ADA as it is still time to hold.
- ADA tested the Resistance 3 level multiple times but failed to break through.
- The 200-day MA and 50-day MA at the verge of a death cross, ADA could go bearish.
Chief Executive Officer and Founder of Eight Global tweeted that there was nothing to add on with Cardano (ADA) as it was going down on a bearish trend. He added that ADA was still in a crucial area and requested the community to hold it as the downtrend was coming to an end.
Meanwhile, Cardano is down 3.64% in the last 24 hours and trading at $0.305008. Since early November, the prices of ADA have been in a downtrend. The price of ADA, which was trading at $0.43 on November 4, fell to $0.29 towards the 3rd week of November. Notably, every steep fall has been followed up by a major spike, as shown in the chart.
As shown in the chart below, ADA tested Resistance 3 on multiple occasions; nonetheless, it failed to break through it. However, at present, ADA price is testing Resistance 1, which is based between $0.3060 and $0.3080.
If the bulls push ADA, it can break Resistance 1 and target hitting Resistance 2 based between $0.3100 – $0.3120. If ADA gathers enough momentum to break through Resistance 2, then it will target hitting Resistance 3, which is based between $0.3180 – $0.3200.
At present, ADA seems to have lost momentum as it is at the support level. If at all ADA was to go below the support level, then it would record an unprecedented new lower low.
However, since ADA touched the lower Bollinger band, there has been a trend reversal. Moreover, the Bollinger bands are widening, indicating that more volatility is on the horizon.
The Relative Strength Index is based at 36.33 and is pointing upwards. This means that it has crossed the oversold mark of 30 and that the market is correcting the price of the ADA.
Moreover, the 200-day MA (yellow line) and the 50-day MA (red line) converge and are at the point of intersection. Interestingly, both indicators are pointing downwards. If they cross, then it would be a death cross depicting a bearish signal.
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