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- Cardano price stuck in sideways territory closer to annual low.
- This week market sellers again dragged ADA valuation below 20 DMA.
- Despite the weak momentum, the number of Cardano wallets increased.
Although, due to low buying interest, the cryptocurrency market fluctuates in a narrow range. At the same time, XRP, Dogecoin and Cardano price trades at their annual lower levels. Altcoins are in consolidation mode for the next bullish rally if bitcoin reaches above $20K in the financial year 2023.
At press time, against the USDT pair, Cardano price stays at $0.3123, closer to the yearly low. Although price momentum is sideways, conversely the ADA wallets spiked 133,000 in November. This increase may influence buyers for another growth in ADA.
Now the Question is, what if investors raise another $2 Billion to Cardano ‘s market capitalization in 2023? If this occurs ahead then ADA may uplift its rank on Coinmarketcap.
Daily Price Chart of Cardano
The price action of Cardano visibly forms the lower-highs trend on a daily basis chart. Therefore selling on rise techniques emerged as a first preference of speculators. As a result, bears successfully hit the latest annual lower level at $0.2973. Although price rebounded from this bottom level, which acts like a demand zone as of now.
Now the market capitalization of Cardano is reported at $10.75 Billion along with 0.95% overnight drop. Trading volume seems neutral at $152.8 Million. In addition, the Bitcoin pair along with ADA fluctuates at 0.000001719 Satoshis. Investors must add another $2 Billion cost in Cardano, if they want to increase its rank above Dogecoin.
RSI indicator seems sideways just above the oversold zone. Hence, this week market sellers again dragged ADA valuation below 20 DMA.
Conclusion
For strong buying circumstances, bulls need to propel Cardano price above the 20 Day moving average, which will act like a pumping zone ahead. Notably trading volume is low, so buyers have a chance to dominate the next price recovery.
Technical Levels
Support level – $0.30
Resistance level – $0.35 and $0.45
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.
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.
