Cardano (ADA) To Hit 200-DMA Near $1.80 As Bulls Lose Persuasion
- ADA’s path without much resistance seems the downward one.
- Cardano targets $1.80 once more as $2 presents a massive resistance to ADA bulls.
- The bearish RSI shows a possible symmetrical triangle breakdown.
Cardano Foundation collaborated with global governments to solve real-world issues with blockchain solutions. That comes as the assets try to overtake its rival, Ethereum. With these new partnerships, ADA appears the greenest crypto in the online finance ecosystem.
However, the positive developments failed to impress Cardano bulls as the coin moved in downward consolidative mode today for three consecutive days.
ADA’s recent actions come after the alt suffered plummets to a two-month peak near $1.82 during Wednesday’s sessions. Seller continues to defend the upward threshold at $2, preventing the alternative coin from its recovery trials.
The altcoin feels gravitational power once more, losing more than 1% in a day, exploring levels under $2 at the moment.
Bearish Technicals Suggests Plunges for Cardano
According to its daily price chart, Cardano presents a bearish outlook for ADA enthusiasts. The alt completed a symmetrical triangle breach under the vital support at $2 on Wednesday. The 14-day RSI showed bearishness persistently, the 2-day rebound losing legs. The indicator witnesses new plunges, maintaining its range under the midline, confirming downward risks.
ADA sellers seem to retest the 200-daily Moving Average support near $1.80 for a sustained downswing. Cardano will have its other defense line at the psychological level at $1.50, targeting price zones at $1.39. Meanwhile, ADA bulls should secure a massive foothold beyond the triangle support at $2.03 for recovering momentum. Keep in mind that $2.03 acts somewhat like resistance.
Cardano bulls might have their next stop at $2.13, the level that the 21-DMA converges with the 100-DMA. Meanwhile, the massive resistance to the downward at 50-DMA near $2.21 may challenge the commitments by bears. Remember, ADA closed beyond the 50-Day Moving Average barrier on 18 September.
ADA has chances to explore downswings according to the current price actions. The failure to conquer the resistance at $2 has Cardano targeting levels at $1.80. Stay around for upcoming ADA price movements.