According to CryptoPotato, Cardano (ADA) has broken below major support as bears took control of the market. ADA lost support at 46 cents, which has now turned into a key resistance, causing the price to fall by 9% today. Given the current momentum, the cryptocurrency may reach new lows before a recovery can be expected.
The most recent drop occurred on increasing volume, indicating a bearish sign and showing that sellers are in full control of the price action. They may not be satisfied until they reach the key support at 38 cents. The daily Relative Strength Index (RSI) is approaching the oversold area at under 30 points. If ADA falls that low, sellers could become exhausted, providing an opportunity for buyers to return.
The bias for ADA is bearish in the short term. The key support has moved to 38 cents, and bears may aim to take ADA there before buyers return.