Cardano Price Analysis: Sell or Hold Your Positions in ADA ?

Cardano Investment Strategy for Future Trading Sessions
  • Cardano failed to sustain at $1.20 and fell at $1.12 on Friday’s Trading session
  • The SuperTrend indicator projects a sell signal, signs of downtrend has begin
  • ADA/BTC pair was trading at 0.00002372 BTC with a loss of 1.88%
Source: TradingView

The 4-hour technical chart of Cardano projects a sell signal with a downtrend presented by the SuperTrend indicator. Investors are meant to sell when this indicator turns from green to red while moving below the price. The SuperTrend signals a bearish trend, Cardano’s downtrend has begun.

Bears Hunting for Cardano (ADA) Price

Source: ADA/USD on TradingView

Cardano’s price was $1.12. According to pivot points, ADA’s critical support level is placed at $1.01. Whereas if it moves up, the key resistance level to watch is $1.45. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish hammer candlestick pattern, which represents a potential reversal in an uptrend.

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SMA-50 & 100 acts as another strong support in the coin. SMA-50 (purple) moves above the SMA-100 (white), which projects a positive trend. Investors can observe the price is fighting the SMA- 100 on Friday’s trading session.

RSI indicator (BEARISH), with a value of 40 indicates a sell signal in the coin, investors can observe an increase in value in upcoming trading sessions. Investors should hold the asset and wait for the RSI to get neutral.  

Downtrend In Cardano Has Begun

Cardano traded at $1.12 with a loss of 5.56% in the last 24-hour time-frame. On the weekly time-frame, ADA is maintaining a gain of 1.31%. In contrast, the market capitalization stands at $34 billion. Technically, Cardano is Making efforts for its bullish regime with a slight price correction in Friday’s trading session.

Resistance: $1.45

Support: $1.01

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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