Cardano’s price has experienced a massive drop recently following the Ethereum crash. However, things are still looking more positive for ADA, compared to ETH.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

Against USDT, the cryptocurrency has been consolidating between $1.2 and $0.8 over the past few months, forming a large descending channel pattern.

However, it broke down to the downside during the crypto market crash led by Ethereum, and ADA’s price briefly traded below its 200-day moving average, located around the $0.6 mark, before rebounding higher.

Currently, the price is trying to hold above the $0.8 support level, which would be vital if a bullish shift is bound to occur soon.

Source: TradingView

The BTC Paired Chart

The ADA/BTC chart shows a somewhat similar picture to that of the USDT-paired one. However, ADA is weaker than BTC.

The market has lost a key support level at 900 SAT and is now testing the 200-day moving average, which is located around the 750 SAT level.

In case of a breakdown, a deeper drop toward the 500 SAT area would be imminent. However, as the RSI is showing a clear oversold signal, a pullback toward the 900 SAT level looks more likely at the moment.

Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.