Cardano’s (ADA) price extends the previous session’s losses on Thursday, trading with more than 2% losses. The price opened higher but the rally fizzled out quickly and the price hovered near the session’s low. Investors seek some catalyst to take a U-turn from the current levels as it forms a reliable support level.
Cardano’s (ADA) price manages to hold a critical $1.0 level.
An upside is essential to avoid the bearish sentiment.
A decisive close below $1.0 could elevate the downside risk.
In the latest update, Cardano records a significant increase in on-chain activity with new addresses rising by 167%. As per a prominent crypto analyst, the sustained growth of the metric usually precedes a spike in price volatility for ADA.
Furthermore, a leading decentralized exchange SundaeSwap on the Cardano blockchain has surpassed 100 million ADA in total trading volume.
On the daily chart, Cardano (ADA) price has been in the long-term downward price trend from an all-time high made on September 2. Currently, ADA price is consolidating after retesting the critical support zone at $1.05. But to make a trend reversal ADA must break away the bearish slopping line at $1.12.
Source: Trading View
Further, if the bulls can push Cardano’s price to a close at or above $1.25, ADA will then aim for the psychological $1.50 level.
Alternatively, the downside risk remains for the pair below the $1.0 level. A daily close below the mentioned level could trigger a fresh round of selling while aiming for the fresh low level.
RSI: The Daily Relative Strength Index (RSI) holds at 42 with bearish bias signaling downside risk remains intact.
MACD: The Moving Average Convergence Divergence (MACD) reads below the midline.
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