Cardano (ADA) Price Analysis for February 19


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Bears seem like they are not going to give up as the coins keep trading in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) could not withstand the overall bearish trend, losing 3.50% of its price since yesterday.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the hourly chart, Cardano (ADA) is fighting for the vital level of $1. The selling volume is going down, which means that bears are lacking energy to keep the pressure up. In this case, there is a chance to see a local bounceback shortly to the area of $1.01.

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ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the bigger time frame, Cardano (ADA) is going down after a false brekaout of the major liquidity zone at $1.069 that serves as the resistance. The trading volume is going up, which means that the drop may not have ended yet.

In this regard, the rate of ADA has a good chance to test the resistance at $0.917 once again.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the weekly chart, bulls are losing the area of $1, which is crucial in terms of long-term growth.

If the bears keep the pressure and the candle fixes near $0.917, one can expect one more sharp drop to $0.810 shortly.

ADA is trading at $0.987 at press time.

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