Cardano (ADA) Price Analysis: Buyers Reluctant To Give Up Around $0.92

Key Insights

• ADA exchanges hands at around $0.92 amid selling pressure
• There is a bearish crossover in place at the H1 chart
• No major moves coming from an on-chain perspective in the short term

Cardano (ADA) keeps suffering from the broad bearish wave across the board, although a recovery is now taking place in the short term.

According to the H1 chart, the price is making a consolidation above the 50-hour simple moving average following a bearish impulsive move.

The price action is flashing an interest from the sellers around the $0.94 to resume the decline, but the price is now consolidated within a tight range. That said, bulls are preparing the ground for a run towards the 200-hours simple moving average around $0.98.

Such an area converges with a strong dynamic resistance offered at the same time by the psychological level of $1.00, which could be providing additional pressure for the crypto to keep plummeting across the board.

Fundamental Developments Around Cardano

Recent developments surrounding Cardano have been reported by FXEmpire, with the latest one coming from the Cardano Foundation. They announced the onboarding of Fernando Luis Vázquez Cao last week to its Board of Directors.

The Foundation aims to make the most of his immense experience and knowledge of the Asian financial service sector.

Even though Fernando is a part of the Cardano Foundation, he continues to serve his role in his current position. Thanks to the Foundation being a non-profit organization, Fernando did not drop his responsibilities as the Chief Executive Officer of SBI Digital Asset Holdings.

ADA Price Forecast: Picking Up Momentum Soon?

Coming back to the charts, once the price manages to pierce above the 200 SMA, eyes will be on the $1.04 level, followed by the $1.08 zone, strengthening the bullish case for the digital asset in the near term.

However, on the downside, selling interest will increase once ADA breaks below the $0.90 level, which hovers around the 50 SMA to extend the decline towards the $0.82 level in a first degree, followed by $0.78.