- 1 ADA’s price is currently trading at $0.357 on the daily timeframe.
- 2 The ADA price is seeing a decline of 4.6% in the last 24 hours.
The ADA’s price is currently trading near an important support level on the daily timeframe. Despite the bear’s influence over the price the bulls are persistent in their efforts and the price action indicates that their attempts may not go in vain. investor’s sentiments may take a bullish turn within the next few weeks. If the buyers succeed in propelling the price up above its current resistance levels, the price has a strong probability of a 24% recovery in the near future.
The present value of Cardano is $0.357. It has a total market cap of $12.5B.
A Recovery of TVL Value in ADA Token, Stagnant Movement in Fees
There is a steady increase in the TVL of ADA after early January. The recent increase suggests that the token is regaining the buyer’s confidence. The current TVL of the ADA coin is $157.77M which is a decline of 2.72% in 24-hour trading value.
The fee parameters have been stagnant after the decline last July which suggests that new users are not as interested as before in the token. The total fees generated within the last 24 hours by the Cardano platform is 10.62K.
Greed and Fear Index of the Market Sentiments
The majority of market sentiments are trading around neutral levels at 51 points. The sentiment index is observing a slight decline since the last month when the sentiment index was at around 53 points, As per the greed and fear index provided by the Alternative(dot)me platform.
Technical Analysis of ADA Token
The RSI line is making a double top pattern after taking rejection from the median line. The RSI line has been making multiple attempts to cross above the 14 SMA points without success. The value of the RSI line as of now is 40.49 points; the 14 SMA is providing resistance at 43.49 points. The RSI curve will have to break above the 14 SMA with significant momentum in order for the price to recover.
The Stochastic RSI is trending near the oversold level taking the lead of the RSI by making a double top pattern. The %K line and %D line have already given a negative cross-over. The current value of stochastic RSI is 50.47 points.
According to the analysis, the ADA price at present is taking support from 200 MA; trading within a narrow consolidation. The support level for ADA is around $0.3400. The resistance point for the price of ADA is $0.4000 whereas the major resistance for the token is at $0.4500.
Technical levels –
Support – $0.3400
Resistance – $0.4000 and $0.4500
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.