Cardano has refreshed its monthly low on Monday after slipping below the $0.900 psychological support to touch the $0.875 low. While ADA has regained its place above the $0.900 line, the possibility of a bearish continuation over the coming hours and days remains potent.

However, the eighth-largest cryptocurrency has dragged along in oversold conditions for some days now, promoting the likelihood of a bullish correction soon. That said, a move and close above the critical $1 mark could dispel bears and help ADA push for the $1.100 level, where the top of my long-lasting descending channel rests.

Meanwhile, our resistance levels are $1.000, $1.050, and $1.100, and our support levels are $0.850, $0.800, and $0.700.

Total Market Capitalization: $1.82 trillion

Cardano Market Capitalization: $30.3 billion

Cardano Dominance: 1.66%

Market Rank: #8