What is Cardano (ADA) Doing Right Now?
ADA is currently trading just below the $1.6 mark and has been going sideways on the shorter timeframes. ADA’s price dropped significantly in the past few weeks and it is currently trading in a downtrend. It is crucial for ADA to break out of this trend in the coming days as there is no buying pressure at the moment. Let’s take a look at what the charts are telling us about the future of ADA.
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Analyzing the Charts
On the 4-hour timeframe, we can see that ADA is currently facing some resistance around the $1.60 mark. ADA is struggling to get above this level due to low buying volume and if we fail to break above this level, we would be retesting the $1.48 mark once again.
If we do come to retest $1.48 and fail to hold it this time, the next immediate support we would be looking at is the $1.40 mark.
However, on the 1-day timeframe, we can see that ADA is currently at the bottom of the downtrend channel and can expect it to go up in the coming days.
If we see a nice bounce back from here in the next couple of days, we would be interested in placing a long trade on ADA. However, if the volumes don’t increase, we would not be trading ADA in the short term.
Conclusion: Is Cardano (ADA) Looking Bearish?
ADA is currently trading in a downtrend on the 1-day timeframe and is at the bottom of the falling channel. It is likely that we will see some bullish momentum for ADA in the coming days. But we could also face another rejection and come back lower as well. We would be interested in trading ADA only if it bounces back from $1.40 with healthy volume.
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