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•ADA/USD is currently priced at $0.30 and has increased by 3.35% over the past day
•The trading volumes have decreased by 31.66% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: More downside to be expected in Cardano?
The Cardano price today is $0.309077 USD with a 24-hour trading volume of $219,826,461 USD. Cardano is down 3.35% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.0207 for the altcoin.
ADA investors have gone through a rough over the past couple of weeks as a bearish cloud seems to have engulfed the altcoin, with the underlying bearishness pushing the Cardano price below the 20,50 SMA on the four hour chart. The continuation of the said downtrend would lead the asset on a steady decline, possibly breaching the $0.20 support level in the process. In the unlikely event of a trend reversal, the bulls will encounter resistance at $0.40.
Long Term View for Cardano
The RSI is currently placed at 36.96 and is transacting below below the 14-day average line, nudging ever closer to the oversold territory. The red histograms have a receding shape to them on the daily chart which presensts the very real possibility of a bullish crossover occuring on the daily chart. The MACD and signal lines are a concern however, as they continue to transact deep into the negative territory.
Conclusion
ADA has been on a downward spiral for the past couple of weeks and the technical indicators reinforce the bearish belief. The asset is expected to continue its descent in the coming days.
Support: $0.25-$0.20
Resistance: $0.35-$0.40
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.
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.
