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Will ADA drop to $ 1 if the market continues?

 


The broader cryptocurrency market continues to underperform and is likely to end the year on a bearish trend.

The cryptocurrency market has not had great results for the past six weeks. The prices of most coins have fallen more than 30% since hitting all-time highs at various points in 2021. Bitcoin is down more than 3% today and is trading just above the $ 46,000 level.

ADA, the native token of the Cardano ecosystem, is also one of the worst performers among the leading cryptocurrencies. The value of ADA is currently down more than 6%, and the cryptocurrency is currently trading at $ 1.22 per coin.

As the market's losses continue to mount, ADA could see further declines and be forced to defend its value. Cardano was previously the third-largest cryptocurrency behind Bitcoin and Ethereum.

However, recent poor performances have allowed other cryptocurrencies like the Binance coin and Solana to overtake ADA.

An overview of important levels

The ADA / USD 4-hour chart is one of the most bearish of the top ten cryptocurrencies by market capitalization. The technical indicators show that ADA is currently struggling and the losses could be prolonged in the coming hours.

The MACD line is below the neutral zone, indicating a bearish trend for Cardano against the USD. Additionally, the RSI of 42 shows that as selling pressure increases, ADA is moving towards the oversold area.

If current market conditions are maintained, ADA could fall below the USD 1.10 support level in the next few hours. Prolonged bearish performance could cause ADA to drop below $ 1.0 for the first time in months.

However, if the bulls regain control of the market, ADA could test the $ 1.41 resistance level in the coming hours. Unless there is a massive rally, the $ 1.70 resistance level should limit any short-term uptrend in the cryptocurrency.

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