Cardano (ADA) Trades Sideways After Losing Major Support, Will The Current Support Hold?

Cardano has depreciated on its chart considerably over the past few days taking away most of the weekly gains. Over the last 24 hours, ADA lost 2% of its value dragging price down to $0.42 on the four hour chart. ADA lost critical support of $0.44 which it tried to defend multiple times. After sloping downwards, now the coin has been trading laterally. The next major support level for ADA lies beneath the $0.40 mark. Technical outlook reflected bearishness on the chart. If ADA continues to display mundane price movement then it is only a matter of time till it loses its current support line. Buying strength fell significantly as buyers have lost confidence. Continuation of the present price trajectory will favour the sellers. The existing price range could prove as a buy opportunity. If buyers act on it, Cardano might witness relief on its chart. Cardano Price Analysis: Four Hour Chart ADA’s price traded sideways after it lost its crucial support of $0.44. At the moment, the coin has managed to flip its support level and transformed it into the resistance level. Overhead price ceiling stood at $0.44. With help of buyers the coin can attempt to revisit its aforementioned price level. If buyers do not come to rescue then Cardano is set to lose another 9% of its value. Critical support for the coin was at $0.38. Trading volume seemed to have risen today indicating that sellers have dominated the price action. The red tradin...