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The cryptocurrency market is down due to market uncertainty due to the poor performance of Bitcoin, Ethereum and many other altcoins so far. Cardano is one of them, it has been underperforming for a long time and is still not showing any positive signs.
Cardano’s price prediction suggests a consolidation in the price ahead of any price increase, amid weak market sentiment. In fact, speculators have set trading ranges as Cardano price moves under a wide horizontal range of resistance from $0.4 to $0.6.
At the time of writing, the Cardano coin is trading at $0.432 mark against USDT pair. Despite the several attempts in the last few weeks, ADA price stays close to annual bottom level. Hence, bulls are looking exhausted now and more consolidation is expected ahead. Thus, the Cardano price concerning the Bitcoin pair stays slightly positive at 0.00002241 satoshis.
ADA Crypto’s Trend is Bearish But Its Good Time to Reverse the Trend
The daily price action is showing a bearish trend below the box (white) while the price remains close to support. This support level has provided the price bounce several times and again buyers are waiting for the weekly price close. Furthermore, if Bitcoin survives the high trading volume of $20K, this consolidation could help the bulls record an incredible rally.
However, the 20-day moving average remains above the current price of Cardano (ADA), which will act as an immediate bullish barrier if the price moves higher. Trading volume is low, indicating that sellers have cut short selling. Meanwhile, trading volume fell 9% last night to $469 million.
On the side of the RSI and MACD indicators, the Cardano price prediction is showing a decline in price. The RSI indicator slips to the lower halfway point (50 points). Similarly, on the daily price scale, the MACD is trending lower in the negative zone.
conclusion
Cardano price is unable to reverse the bearish trend as the bears dominate the trend. Traditional indicators like moving averages, RSI and MACD are showing downside in Cardano price prediction. But closer to annual lows, bulls have an opportunity to make it into a potential rally.
Support level – $0.4 and $1.0
Resistance level – $0.6 and $0.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
