Cardano’s (ADA) price extends the previous session’s decline on Thursday. ADA is on a massive downtrend since the record high was made on September 2. However, investors could seek discount buying opportunities near the crucial support level. On the contrary, a break below the critical support level will result in further selling in the asset.
- Cardano (ADA) price edges lower on Thursday.
- ADA is on the verge to break the $0.90 crucial support line to set a directional basis.
- Momentum oscillators remain neutral warn of aggressive bids.
As of press time, ADA/USD is exchanging hands at $0.92, down 1.93% for the day. The ninth-largest cryptocurrency by market cap holds 24-hour trading volume at $1,138,373,617 with more than 30% losses.
Furthermore, according to the recent Santiment data, Cardano large addresses holding between 100,000 and 1 million tokens have bought more than 16,000,000 ADA as the price appreciates. In addition to that, Finder’s poll, some analysts predicted that the ADA price might reach $58 by 2030. But the recent price action remains largely unfazed by the recent development on the blockchain.
ADA continues with its downtrend
On the daily chart, Cardano (ADA) remains pressured below the psychological $1.0 level. ADA depreciated nearly 76% from ATH highs in February while testing new lows of 2022 at $0.74.
Investors met supply zone extending from $1.26 and $1.11 collecting the liquidity. Now, if the price breaks below the crucial $0.90 mark then gates will be open for $0.80.
On the flip side, a spike in buy order could push the price back to the test $1.0 mark. Next, market participants will flex their muscles to revisit 50-EMA (Exponential Moving Average) at $1.08
Technical indicators
RSI: The Daily Relative Strength Index (RSI) is making lower lows since January 17. Currently, reading at 41.
MACD: The Moving Average Convergence Divergence (MACD) still holds below the midline with a neutral bias.
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