CARDANO PRICE ANALYSIS & PREDICTION (February 13) –ADA Continues to Recover Amid Bearish But Will it Last?

Cardano’s native token is still positioned in a downward range, but has seen a slight increase this week with a 5% increase. This could turn to a major trend shift if the bulls take advantage of the move.

Last week’s rejection at the $0.5 low marked an end to ADA’s broad retracement phase after experiencing another three-week drop from January’s resistance of $1.15.

That drops caused a serious pain in the market but the cryptocurrency recovered well from the recent dip following a five-day increase from the $0.65 level. However, its short-term bearishness remains intact while taking a break amid the latest increase.

Technically, the increase has brought a relief. But failure to sustain it for long could restore bearish actions. This could bring us back to the recent low. Breaking it will confirm a continuation pattern of the lower low and lower high movement over the past months.

While this increase was triggered by an exhaustion in selling, it will be too early to consider a bullish move. ADA must push well above the previous monthly high before considering a trend shift. Currently, the demand level is low.

A rise in the demand should facilitate a steady growth until it reaches the top. From a technical standpoint, the bears are not giving up yet.

ADA’s Key Levels to Watch

Source: Tradingview

Following the latest increase, there’s a resistance level at $0.86. The next resistance to watch for buying is $0.988, followed by $1.15. A shift from there should send the price to $1.36 with a potential break.

If the bears step back in action, they may retake the $0.65 support. There is a minor support at $0.56 along with the current monthly $0.5 support. Losing it could trigger a massive dip into the $0.3 level before ending the short-term bleeding.

Key Resistance Levels: $0.86, $0.988, $1.15

Key Support Levels: $0.65, $0.56, $0.50

• Price: $0.78
• Trend: Bearish
• Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.