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- Cardano price is looking bearish below the downsloping trendline.
- ADA price is consolidating in a horizontal box pattern.
- The ADA crypto is up a little 0.37% with the bitcoin pair at 0.00002142 satoshis.
Due to uncertainty, the cryptocurrency market performed poorly in the most recent trading session. Several cryptocurrencies have lately recovered as Bitcoin hovers above the $20K mark, but Cardano has been underperforming for a long time and shows no indications of improvement.
Cardano is now trading at $0.431 versus the USDT pair and is expected to rise slightly in the intraday session. Cardano price prediction shows that there will be more price stabilization before any price hikes. Indeed, speculators have established trading ranges when the Cardano price swings beneath a large horizontal range of resistance ranging from $0.4 to $0.6.
During fluctuations under the box pattern, buyers struggle below the bearish trendline (dashed white) and price is trading close to the support line of $0.41. If buyers fail to sustain prices higher above this pattern then they may be stuck in big trouble.
Trading volume is low for the past many nights due to the range-bound market. This low liquidation suggests low liquidation and buyers are avoiding to make any latest long in ADA. However, last night, volume was $450 Million.
In the context of the daily price chart, ADA price is taking support on the lower-range of the Bollinger Bands indicator. Meanwhile, the lower band of the BB indicator acted as a short-term resistance level. The daily RSI indicator is moving below the semi-line. The peak of the RSI indicator is not far from the oversold zone.
Conclusion
Anything could happen to the price of Cardano if the buyers fail to maintain the price in the box pattern. Lower Band The Bollinger Bands indicator acts as a support. And a break below the $0.40 level could propel Cardano price prediction towards the $0.30 support level.
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.
