What's Next for ADA Following 7% Daily Plunge: 3 Things to Watch Today (Cardano Price Analysis)

CryptoPotato

2023-11-17 11:25:01

ADA entered into a correction after it reached 40 cents.

Key Support levels: $0.35

Key Resistance levels: $0.41

1. ADA’s Rally Comes to a Pause

The price made a local high at 40 cents before sellers returned and pushed ADA into a correction. The current support is found at 35 cents. It is critical for bulls to hold here if ADA is to continue its rally.

Chart by TradingView## 2. Sellers are Returning

Buyers have dominated for most of this week, but now sellers appear to be coming back. The price action has turned slightly bearish on the lower time frames as well.

Chart by TradingView## 3. Bullish Momentum under Threat

The 3-day MACD histogram has been making lower highs, and the daily MACD moving averages did a bearish cross yesterday. This could be the start of a longer correction.

Chart by TradingView## Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

Cardano did extremely well in the past few weeks after it rallied from 24 cents to 40 cents. However, it seems the resistance at 40 cents has put a stop to that. The bias will change to bearish if the support at 35 cents is lost.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.