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- Cardano price is down this week.
- ADA prices have continued to drop since mid-August.
- Last night trading volume dropped 16% to $377 million.
Buyers are now disappointed due to the uncertainty in the crypto market. They are afraid of holding crypto because of the current market sentiment. There is no chance of Cardano price rallying in this direction.
Cardano Price Prediction for short-term
Buyers are expecting a directional trend reversal on the 4-hours price chart. The price of Cardano is extremely bearish as compared to other altcoins in the crypto market. The asset price is looking near the $0.40 to $0.41 support area. Buyers can get into big trouble in the coming trading session below this hedge zone.
The price action of Cardano has been dominated by bears since mid-August. As a result, ADA prices underperformed below the downsloping trendline (above the chart). Altcoins often fell near this selling zone. Meanwhile, at the time of writing, Cardano price was trading down $0.427 against the USDT pair. Thus, the ADA with the bitcoin pair is up a little 0.2% at 0.00002136 satoshis.
For a short-term outlook, Cardano price may still look to decline below the key $0.41 support level as important moving averages such as 20, 50, 100 and 200 are trading above the current price. Also, the RSI indicator slipped below the 50 mark in the 4-hour chart.
Indicators on Daily Price Chart
Relative Strength index (RSI) has changed Cardano market sentiments as its peak headed toward the oversold zone on daily price scale. RSI is about to enter bearish territory, which may lead to a price plunge below support. MACD has been in the negative region for the past several weeks.
Conclusion
Cardano price continues making three bearish candles this week. However, ADA is in downtrend but the selling pressure is slightly low compared to other weeks. Cardano price likely bounced near $0.41 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
