Hello, welcome to this ADA/USDT 1 DAY chart update by CRYPTOSANDERS.
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CHART ANALYSIS : Cardano (ADA) Cardano suffered a massive breakdown this past week, losing almost 11% of its valuation in the past seven days. On Monday, the key support at $0.43 failed to hold the assault from bears, and ADA quickly tumbled lower. This led to four days of non-stop selling.
Buyers finally managed to stop the downtrend yesterday when ADA found support around $0.35. Considering the latest price action, the cryptocurrency is facing resistance at $0.40 and $0.43, and buyers appear weak. The trend remains firmly in favor of the bears, with the price making lower lows and lower highs.
ADA is the worst performer on our list this week, and the only hope for the bulls is if sellers become exhausted, which could provide this cryptocurrency with an opening to recover some of the losses next week. The indicators on the daily and lower timeframes appear oversold, which could turn out to be bullish.
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Thanks for your analysis. I think the $0.35 was local bottom for now, the daily candle was a perfect bullish hammer, meaning a possible reversal of the down trend. However, it is getting hard for bulls to bring the price up, so I am skeptical at the moment which direction it will take. And the weekly looks very red at the moment. If it closes like this tomorrow, I can see more lows incoming