Key support reached after new annual low

The price of Cardano (ADA) has come under significant pressure in the last four trading weeks. After the sell-off on April 12, the buyers managed to temporarily stabilize the price, but repeatedly failed to recapture the moving average EMA200 (blue). The next low followed at the beginning of the week. The ADA price slipped below the important support area between 0.4199 US dollars and 0.395 US dollars, and rushed to the upper edge of the next relevant support zone at 0.356 US dollars before the price began a technical countermovement. Since then, the buyers have tried to push Cardano back above the previous year’s low of 0.399 US dollars.

The following price analysis describes the risks that this chart-technical situation poses for price developments in the coming weeks and which price levels are now relevant.