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.

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.