CARDANO PRICE ANALYSIS & PREDICTION (March 14) – ADA Halt Selling After Posting Major Loss Weekly, Potential Recovery?
As the crypto market paused bleeding yesterday, altcoins recovered well, including ADA, which posted a minor gain. It has further shown strength today following a 5% gain overnight and now looks poised for a surge.
ADA’s general outlook remains bearish on the daily chart, although it is now showing signs of strength following a slight recovery. During the last leg down, it stayed well above $0.5, unlike several top altcoins that rolled over to their seven-month low.
Prior to the latest recovery, the price suddenly increased above $1 earlier this month, but it later lost grip due to a strong bearish interception and the gains dramatically rolled back. This led to a serious drop throughout last week, and the market closed at a loss.
Crossing into this week bearishly, it posted a major loss on Monday and managed to stay above the $0.65 level yesterday, recording a total loss of over 20% in a week. While this has caused FUD in the market, it has recovered and is currently trading above $0.74.
It looks strong today due to a minor gain in the past hours. An increase in the demand level could trigger more surges in the coming days. But looking at the price actions, which indicate a temporal exhaustion in selling, ADA is likely to remain calm for a while before releasing pressure. If the bulls take advantage of the current bounce, we may see a recovery.
ADA’s Key Levels to Watch
Holding yesterday’s low as support, ADA’s price may recover before resuming selling. The potential resistance level to watch for tests is $0.83, $0.988 and $1.17. A clear push above them could shift the trend.
If the price breaks lower, the next support for drops would be $ and the $ level, standing as support for days. A drop off this level could plummet the price to $ in no time.
Key Resistance Levels: $0.83, $0.988, $1.17
Key Support Levels: $0.65, $0.58, $0.5
- Price: $0.74
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
