Cardano Price Threatens Multi-Month Low Unless Bulls Defend This Support
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Cardano price has been in a downtrend for the past few weeks, with the cryptocurrency losing nearly 50% of its value since its all-time high in May. The cryptocurrency is currently trading at $1.30, down from its high of $2.46. The bears have been in control of the market, and unless the bulls defend a critical support level, Cardano price could drop to a multi-month low.
Cardano Price Technical Analysis
The Cardano price has been in a downtrend for the past few weeks. The cryptocurrency has formed a bearish trend line, and it is currently trading below the 50-day and 200-day moving averages. The MACD indicator is also showing a bearish signal, with the histogram moving further into the negative territory. The RSI indicator is also signaling oversold conditions, with the current reading at 28. If the RSI drops below 30, it could trigger more selling pressure on Cardano price.
Critical Support Level
Cardano price is currently trading at a critical support level of $1.20. The cryptocurrency has tested this level twice in the past few weeks, and if it breaks below this level, it could trigger a sharp selloff. If the bears take control of the market, Cardano price could drop to a multi-month low of $0.93, which was last seen in February.
Bulls Need to Defend the Support
The bulls need to defend the critical support level of $1.20. If they can push Cardano price higher, the cryptocurrency could test the 50-day moving average at $1.68. If the bulls can break above this level, it could trigger a trend reversal, and Cardano price could move higher.
Final Thoughts
Cardano price is currently trading at a critical support level, and unless the bulls defend this level, the cryptocurrency could drop to a multi-month low. The bears have been in control of the market, and they could push Cardano price lower if they take control of the market. The bulls need to defend the support level of $1.20 to avoid a sharp selloff. If they can push the cryptocurrency higher, it could trigger a trend reversal, and Cardano price could move higher.
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