CARDANO PRICE ANALYSIS & PREDICTION (April 6) – ADA Stalls Above $0.6 Ahead of Major Crash, Gathers Momentum
It has been a calm week for ADA despite the ups and downs across the crypto space. However, the asset is still under the bears’ watch from a mid-term perspective as they gather momentum for bigger drops.
ADA’s bearish structure remains on the daily chart, but it appears to have subjected the trend to a sideway move as the bears take a break.
This sideways movement indicates an extreme drop in volatility, but things are likely to get uglier soon than later as it appears to be gathering momentum for the next major move. While the recent drops have put few altcoins back on a sell mode, it is most likely to follow suit soon.
However, it is important to note that the $0.6 level may pose a threat. This level has been serving as a key support since February. A dip below it could crash the price heavily into the $0.35 level. After that, we may see a bounce back. If that fails to happen, the crypto may expand bearishness until it finds a threshold.
Invalidating the latest bearish signal, ADA must recover well above the $1 level before we can consider a change in the market structure. But as it stands now, that does not look realistic as the supply level remains high from a technical perspective.
ADA’s Key Levels to Watch
For over a month now, the $0.58 level has been acting as support. A drop below it could bring us back to the crucial $0.5 support level with a potential break to $0.42 and $0.4 in the future.
There are currently no signs of bulls in the market. If they show up with a push above the $0.776 resistance level, we may see a buy towards the $0.913 level. The $1.175 level is marked as a key resistance for breakup.
Key Resistance Levels: $0.776, $0.913, $1.175
Key Support Levels: $0.58, $0.5, $0.42
- Price: $0.65
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
