Cardano Price Analysis: ADA Deletes December’s Progress, Crashes to $1.2 – CryptoPotato

ADA has lost all the progress made in December during this latest market crash.
Key Support levels: $1.2
Key Resistance level: $1.5
After ADA was rejected by the key resistance at $1.5, the price started to fall. With yesterday’s market crash, the cryptocurrency arrived back on the $1.2 support, which was the starting point of the last rally during December. Sellers will need to step up to break this key support level that has held well so far.
Trading Volume: The volume was strong during yesterday’s selloff and has reduced slightly today. Bulls need to be firm if ADA is to hold above $1.2.
RSI: The daily RSI is falling after making a lower high. The trend is clearly bearish, and if ADA cannot stop the downfall, then the RSI will soon reach the oversold area.
MACD: Due to yesterday’s crash, the daily MACD completed a bearish crossover. This only intensified today with a falling histogram and expanding moving averages.
The current bias is bearish.
The key support is under pressure, and any weakness may lead ADA to $1. The indicators are bearish, and the daily MACD just started its downtrend. It will be very difficult for the cryptocurrency to sustain its current price level at $1.2 if the overall market continues to decline.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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