Cardano Bears Tighten Their Grip – ADA Price Outlook

  • Though Saturday sessions had Cardano rebounding, the alt remains in the woods.
  • Oversold RSI conditions caution Cardano bears as ADA wavers within a bearish channel.
  • ADA has its crucial resistance at $1.52, while $0.94 ensures dependable support for the altcoin’s price.

Cardano attempts to bounce off its weekly lows today. That way, it snaps a 2-day downswing. The improved upward mode in the crypto space might rescue the altcoin’s optimists. ADA price secures backup from the resent Asset Report by CryptoCompare. The data indicated that Cardano Network’s active addresses quadrupled between October and November. That comes amid surged on-chain activity while transactional fees declined to $0.38 from $0.45 on average.

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Though the impressive news, Cardano appears not ready for a massive recovery. Technical formations still favor bearish market players.

ADA Price Might Rebound Due To Oversold Conditions

According to ADA’s daily chart, the alternative coin trades at the month-long plunging channel’s midpoint, which sits around $1.20. The 14-day Relative Strength Index witnessed an uptick while inside the oversold area. That supports Cardano’s price rebound.

Meanwhile, the alt bulls need to recapture and sustain above the resistance level at $1.40 for the recovery momentum to gain steam. With that, buyers can challenge the massive upward obstacle at $1.52. The dropping trend-line resistance and bearish 21-day MA stand at this level.

A daily close beyond the latter will indicate a declining channel breakout, taking ADA to $1.85 – the 50-day moving average and 200-day MA hang at this value area.

If ADA bulls respect the prevailing death cross-influenced bearish pressure, 4 December lows at $1.13 might hold the first fall. Further south will have sellers exploring $1.00, the July lows. With that, Cardano bulls have their last defense line at the support of $0.93.

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For now, ADA’s road with fewer obstacles remains the downward one as each bounce witnessed lucrative selling pressure. Nevertheless, the overall crypto space sustains bearish actions for now. That might encourage ADA bears to explore downwards from the coin’s current price. At this publication, Cardano trades at $1.24 while in its 6th position in the crypto ranking list.

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