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Cardano Price Forecast: Signs of Downtrend in ADA Begins

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  • Cardano price forecasts downtrend from $1.34 to $1.14 on Wednesday’s trading session
  • The 24-hour volume in ADA is at $4,098,072,087 with a 13.41% decrease
  • The ADA/BTC pair was trading at 0.00002039 BTC with a loss of 0.51%

The 4-hour technical chart of Cardano price action forecasts a downtrend. 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 bullish engulfing candlestick pattern which represents bulls are in control.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also below SMA-100 (yellow). Investors may perceive a negative crossover in the SMA, and the price will also follow the negative trend.

RSI indicator (BEARISH), with a value of 46, indicates a sell signal in the coin. Moreover, Investors can see an upward slope from 32 to 46 in the index, and it may plunge in future trading sessions.

Cardano Price Forecast Bears Are In Control

Cardano price traded at $1.14 with a gain of 3.0% in the last 24-hour and 9.95% down in the weekly time-frame. Furthermore, Cardano plunges from the resistance of $1.34. In contrast, the market capitalization stands at $37 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the price movement can be towards the support of $1.01.

Resistance: $1.45

Support: $1.01

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