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- Cardano price has been trading towards the horizontal range-bound area’s lower trendline to recover itself back inside the consolidation phase.
- ADA crypto is trading towards the 20, 50, 100 and 200-days Daily Moving Average for its recovery.
- The pair of ADA/BTC is at 0.00001908 BTC with an intraday drop of 0.27%.
The red and aggressive trading hours of the ongoing crypto carnage are predicted by the Cardano price prediction . All other cryptocurrencies are seeing huge losses across the whole cryptocurrency market as Bitcoin, the biggest market dominator, falls below the level of $20,000 where it was anticipated to find support. One of the altcoins whose price is sharply declining and dashes investors’ hopes is ADA. In order to reverse the trend, the ADA cryptocurrency price has to attract more buyers and find a firm support area. The ADA cryptocurrency is currently in a phase of recovery, as seen on the daily chart. The token is making an effort to move closer to the consolidation phase’s bottom trendline. ADA investors need to wait until bulls come forward to save the token from falling significantly below the lowest level.
Cardano’s price is presently estimated at $0.3715, and in the last 24 hours, its market capitalization has increased by 1.57%. However, the intraday trading session’s trade volume is still up by 25.89%. This shows that buyers are making an attempt to preserve ADA cryptocurrency.
Over the daily price chart, ADA price has been settling inside the horizontal range-bound region. The ADA price has been bouncing between $0.60 and $0.42, however it has already exited that range and is now trading below the consolidation point. Volume shift signals that, in the meantime, purchasers must gather to save the token from the clutches of short sellers because the ADA price has been trapped.
What do Technical Indicators suggest about ADA?
Relative Strength Index (RSI) data indicates that the ADA cryptocurrency is oversold and is currently attempting to recover from this region, according to ADA price prediction. The ADA coin’s uptrend momentum is visible on the MACD. The MACD line is awaiting a positive crossing while it is below the signal line. Investors in the ADA cryptocurrency must watch the daily price chart for any directional changes.
Conclusion
The red and aggressive trading hours of the ongoing crypto carnage are predicted by the Cardano price. All other cryptocurrencies are seeing huge losses across the whole cryptocurrency market as Bitcoin, the biggest market dominator, falls below the level of $20,000 where it was anticipated to find support. One of the altcoins whose price is sharply declining and dashes investors’ hopes is ADA. In order to reverse the trend, the ADA cryptocurrency price has to attract more buyers and find a firm support area. The ADA cryptocurrency is currently in a phase of recovery, as seen on the daily chart. The token is making an effort to move closer to the consolidation phase’s bottom trendline. MACD exhibits the uptrend momentum of ADA coin. The MACD line is below the signal line and is waiting for a positive crossover.
Technical Levels
Support Level: $0.35 and $0.30
Resistance Level: $0.42 and $0.55
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
