CARDANO PRICE ANALYSIS & PREDICTION (March 5) – ADA Faces Resistance Amid Today’s Recovery, Can it Break Above $1?
Last week marked a significant shift in ADA’s trading level as it saw its biggest daily recovery in over a year. This triggered a sudden positive sentiment, but quickly faded after rejecting $1 with a massive dump.
Continuing the bearish move, ADA broke lower last week and created a new support above $0.58 after staying well above the $0.5 level earlier in February. It saw a slight rejection and ended that month on a weak note.
Last weekend marked the start of a new month, and it surprisingly opened long and rallied hard from a low of $0.65 to a high of $1.17 – recording an 80% gain in a single day.
While that brought the price back to a two-month high, it saw a rejection, and the price dipped to $0.75 yesterday. A recovery from there shot the price to $0.988 today. It faced resistance there and retraced to $0.937.
Holding yesterday’s low well could bring more recoveries in the coming days. That could lead to a complete trend reversal. Failure to hold well may trigger another leg down, capable of crashing the price to $0.4.
Considering the recent upsurge, the bulls will likely have the upper hand in the future. But they must retake the $1 level before regaining control.
ADA’s Key Levels to Watch
Source: Tradingview
Currently, the $0.988 level is posing a threat to the bulls. If they push through it to retake the $.17 resistance, the next level to watch for a breakout is $1.32.
Resuming bearish, the $0.83 and $0.68 levels are potential supports to keep in mind. If the bears pull below it, the $0.58 level is considered the next support before breaking to a new low.
Key Resistance Levels: $0.988, $1.17, $1.32
Key Support Levels: $0.83, $0.68, $0.58
- Price: $0.937
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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