This Week's Cardano (ADA) Price Prediction

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Cardano (ADA) Price Analysis:

Currently, the price of ADA has failed to maintain above $1, and after breaking this key level, market sentiment has turned bearish. As selling pressure returns, the price of ADA has further dipped to $0.92 and may face deeper adjustments.

Technical Analysis and Support Resistance:

Key Support Level:

$0.90 is the most important support level at present. If the price breaks below this level, it may accelerate downward, further approaching $0.80. If the bulls fail to defend this level, ADA may face greater downside risks.

Key Resistance Level:

$1.30 remains the main barrier to the upside. Although it once touched above $1, strong selling pressure caused the price to retreat to $0.92, making it difficult to break through this resistance in the short term.

Momentum and Trend:

RSI (Relative Strength Index):

Currently, the daily RSI shows signs of weakness and has created lower highs. This indicates that market momentum has weakened, and a deeper adjustment may occur in the short term.

MACD (Moving Average Convergence Divergence):

The MACD histogram also shows lower highs, further confirming the presence of downward pressure. If this momentum persists, ADA may face more selling pressure.

Volume Analysis:

Plummeting Buying Volume:

ADA's buying volume peaked in November and has been declining continuously, failing to recover effectively. The sharp decline in buying volume indicates a lack of sufficient buying support in the market, which typically aligns with a bearish trend.

Resurgence of Selling Pressure:

The return of selling pressure has prevented the price from maintaining above $1. Even though there was a price rebound in the short term, the lack of buying volume to support the price increase ultimately allowed sellers to control the market.

In the short term, ADA's price faces significant downward pressure. Currently, $0.90 is the key support level; if this level is lost, ADA may further retrace to $0.80. Meanwhile, $1.30 above acts as the resistance level, and if ADA fails to break this level, it may continue to maintain a consolidation pattern.

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