The Bullish Momentum of Cardano (ADA) loses steam as BEARISH pressure confirmations, foring which the price is forced to withdraw from the critical level of $ 0.8119. After a promising attempt to push higher, Ada Bulls now struggle to maintain control, in which sellers come in to recover dominance.
The recent rejection of this key resistance suggests that downward pressure builds up, which expresses concern about whether the Altcoin can retain or continue to slide its ground. With technical indicators that indicate the growing weakness, the focus is now on the following support zones to determine whether a deeper correction is on the horizon.
Market sentiment Shifts: Bulls lose their hold
Cardano’s market sentiment has shifted when bulls seem to lose their grip on price action, whereby Ada continues to act under the 100-day simple advancing average (SMA). This important level has become a barrier that the bulls still have to break through, which indicates the weakening of the purchasing pressure and increasing the dominance of the bears.
The failure to reclaim the 100-SMA suggests that the Bullish Momentum, which initially got a grip, loses steam and the market is starting to look at a bearish look.
Further compiling The Bearish -front views is the recent movement of the relative strength index (RSI), which has begun to fall again before the 50% threshold is reached. Usually this reflects that the purchasing pressure fades, and selling Momentum is building, adding more weight to the argument that the bulls lose control.
With the price that struggles under the 100-SMA and the RSI that reflects a weakening impulse, the prospects for ADA remains uncertain. Unless bulls can regain traction and be able to break above 100-SMA, it can be actively confronted, because bears continue to dominate the market.
Most important support zones in Focus If ADA is confronted with Beerarish Druk
After the recent struggle of ADA at the resistance level of $ 0.8119, the focus shifts to crucial support zones that will be vital in determining the next move. As Bearisheh is mounted and the price remains below 100-day SMA, the ability of ADA to maintain important support levels is examined.
The immediate support zone is $ 0.6822, which previously carried as a critical level for ADA. If the price holds this zone and holds, it could serve as a launch platform for a new attempt at the top.
However, if Ada does not contain $ 0.6822, attention will focus on the next major support for $ 0.5229, where a more significant bounce can occur as soon as buying pressure pops up. If these support levels are violated, ADA can be confronted with a more longer period of downward movement, with $ 0.55 as the next line of defense.
