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- 1 Cardano price (ADA) slid 2.36% in the last 24 hours and is currently trading at $0.305.
- 2 Cardano (ADA) whale data states that whales hold a total of 52.9% of the supply with a significant decrement of 2.1% over the past 1 year.
Cardano (ADA) cryptocurrency founded in 2017 was designed to ensure that owners can participate in the operation of the network. Due to this, people who had holdings of the particular cryptocurrency could own the right to vote on any proposed changes in the software.
The Cardano price is currently trading at $0.305 with a decline of 2.36% in the past 24 hours. ADA holds a total market cap of $10.69 Billion and ranks 8th in the crypto market.
The ADA token has a trading volume of $237.4 Million with an incline of 29.79% over the past 24 hours. It has over 35.08 Billion tokens in circulating supply. The volume-to-market cap ratio of the ADA token is 2.22% indicating low volatility in the market.
Cardano Price Prediction Using Price Action Strategy
Cardano price analysis reveals the ADA token declined nearly 40% in June 2023 after the breakdown of important support at $0.3558. However, the price rebounded after getting support from the demand zone. Thereafter, the price consolidated above the demand zone, followed by recovery, but failed to break above the previous supply zone and suffered rejection.
Recently, the price seemed to be headed upward by forming lower highs and getting support from a trendline.
Currently, the price is trying to sustain near the trendline support after suffering rejection from the previous supply zone. Cardano price prediction shows that now, if the token sustains above the trendline, then it may again surge higher to test the sellers’ presence at the previous swing high. However, it requires more buyers to accumulate at the current level and push the prices higher.
ADA Price Forecast from Indicators’ point of view
As per the EMA analysis, the ADA price took support from the 50 EMA, which shows the short-term presence of buyers in the market. However, the price is trading below the 200 EMA, which is acting as a resistance. The token has to surpass the hurdle of the 200 EMA to surge higher.
At the time of publishing, the RSI value of the ADA token is 48.44 and that of the SMA line is 51.91. RSI has gone flat after suffering rejection from the overbought zone, showing a neutral bias in the market, for now.
MACD lines have made a bearish crossover but both the lines are above the mean line. The mean line may act as a support. Also, histogram bars are being formed below the mean line with decreasing height. Overall, the indicator is showing a mixed sentiment in the market.
Conclusion
Cardano price shows that the token declined nearly 40% in June 2023 after the breakdown of important support at $0.3558. However, the price rebounded and consolidated near the demand zone followed by a recovery but failed to break above the previous swing high and slid. Currently, the price is trying to sustain near the trendline support. Now, if the token sustains above the trendline, then it may surge higher to test sellers’ strength at the upper levels.
Technical Levels
- Support levels: $0.305 and $0.257.
- Resistance levels: $0.347 and $0.385.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
