Crypto Expert Forecasts Price Decline for Cardano’s ADA if This Key Resistance Continues to Hold
Popular crypto analyst Rekt Capital posted a technical analysis of Cardano’s (ADA) monthly price chart, warning that ADA could see further downside if it continues to face selling pressure at a key resistance level.
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Rekt Capital’s Analysis
In his newsletter, Rekt Capital pointed to the monthly close below the orange level as an indication that Cardano may follow the bearish blue path rather than the more bullish black one. He noted that if ADA keeps finding resistance at the orange level around $0.51, it could drop into the green zone near $0.40 along the blue path over time.
However, Rekt Capital stressed that any potential rejection from the orange resistance now would likely involve less of a price retreat than the harsh decline to $0.24 seen last June when ADA was similarly rejected. Additionally, the analyst said a retest of Cardano’s accumulation range top near $0.30 as support would signify weakening resistance and could set the stage for an eventual breakout.
Recent Cardano Price Action
As of press time, Cardano trades around $0.52 following a 5% price increase over the past 24 hours. Although ADA trades above the key 0.51 resistance, it remains to be seen if there will be a successful close above it. Moreover, ADA’s trading volume over the last day amounts to $415 million.
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Show more +Other key points Rekt Capital noted should Cardano revisit the $0.40 level include:
- Many altcoins have successfully retested major breakout structures after an initial rejection, so an ADA retest would not be unusual
- Less overall drawdown likely compared to mid-2022 would indicate weakening resistance at the orange zone
Rekt Capital says he will be closely monitoring whether Cardano can reclaim the orange zone as support soon to invalidate the developing bearish bias.
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