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
Source: Trading view
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
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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