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- Cardano price broke above the ascending wedge pattern on 6 December.
- Bears aim to retest the yearly low before short-covering.
- ADX has started a downward movement along with the ongoing trend.
Buyers’ first attempt at a trend reversal went wrong this week as Cardano price started to slide. In the intraday trading session, the bears are looking aggressive for a sharp selloff. Though there has been selling for the past three days, today’s case is different as buyers are yet to refrain from buying bullish.
Cardano Price Prediction in 4 Hour Chart
On the hourly price chart, Cardano price declined below a support trendline in an ascending wedge pattern last night. Short-sellers put water on the dreams of bulls. Some traders are considering this rally as a bullish trap due to bullish selling. As of now, selling is likely towards the $0.30 yearly support level.
Probably the next week will bring a strong bullish scenario. A bullish rally above the $0.44 resistance area is expected. But the bulls will have to propel the crypto price higher by more than 35% from the current price range. As of press time, ADA price is trading at $0.3089 against the USDT pair.
Due to the recent breakdown, an immediate bullish hurdle was seen at $0.33. After all, the bulls are again down 4.2% in the past three days. As a result, the market capitalization registered an intraday drop of 1.3% to $10.64 billion. Similarly, the ADA price relative to the Bitcoin pair is in the 1.70% red zone at 0.0000184 satoshis.
Cardano Price Prediction on Daily Price Scale
On the daily price chart, ADA valuation failed to sustain above 20 day moving average (Blue). Thus RSI indicator is declining towards oversold territory, showing more price decline ahead. Similarly, ADX has started downwards momentum along with ongoing trend.
Conclusion
For this week, the Cardano Price Prediction suggests annual low retest again. Buyers must hold this vital support level if they don’t want to see bloodbath ahead. Remaining ahead the traditional technical indicators favor bloodbath.
Technical Levels
Support level – $0.30
Resistance level – $0.35
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.
