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- 1 Cardano price prediction highlights the slippage of ADA crypto from an interesting rising pattern.
- 2 ADA crypto has fallen below 20, 50, 100 and 200-days daily moving averages.
- 3 Cardano ADA price has surged 18.65% year to date.
Cardano price prediction suggests the fall of ADA crypto from an ascending parallel channel over the daily time frame chart. ADA crypto has been gaining through an interesting rising parallel channel but slipped on August 1st. Now, Cardano ADA price has been trying to get back inside the recovering pattern. Meanwhile, sellers have been trying to pull ADA crypto price more towards the lower level.
Cardano price was at $0.2920 and has lost 0.44% of its market capitalization during the day’s trading session. Trading volume has decreased by 33.21% during the intraday trading session. This demonstrates that sellers are trying to pull Cardano ADA prices. Volume to market cap ratio was 1.85%.
Cardano Price Prediction: Technical Indication
Cardano price prediction highlights the struggle of the cryptocurrency to get back inside the rising parallel channel over the daily time frame chart. However, sellers are trying to pull ADA crypto prices downwards. Volume change is insignificant. Meanwhile, ADA crypto has fallen below 20, 50, 100 and 200-days daily moving averages.
Throughout 2023, Cardano (ADA) has experienced various price movements. While the ADA price declined by 5.94% over the past week, it managed to gain 2.57% within a month, suggesting some short-term fluctuations. However, over the last three and six months, ADA crypto faced more significant challenges, witnessing declines of approximately 23.23% and 25.78%, respectively.
Despite these downturns, Cardano ADA price has shown resilience and progress, with a remarkable surge of around 18.65% year to date, indicating signs of significant recovery in 2023. This suggests that ADA crypto has adapted and regained momentum, overcoming obstacles to perform well in the year. As the market continues to evolve, Cardano’s growth trajectory demonstrates its potential to thrive and recover during 2023.
Technical indicators point towards a downward trend for ADA crypto. The relative strength index (RSI) indicates a decrease in momentum for Cardano’s price, while the moving average convergence divergence (MACD) confirms the presence of selling pressure on ADA.
RSI was at 42 and is moving towards the oversold territory. The MACD can be seen below the signal line after a negative crossover. Investors in Cardano cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
Cardano price forecast predicts that ADA cryptocurrency will drop from a parallel rising channel on the daily time frame chart. Volume change is below average. Cardano (ADA) has had a number of price changes in 2023. Although the price of ADA fell by 5.94% over the previous week, it managed to rise by 2.57% over the course of a month, indicating some short-term volatility. Technical signs suggest that the price of the ADA cryptocurrency is declining.
Technical Levels
Support Levels: $0.2860 and $0.2755
Resistance Levels: $0.3004 and $0.3338
Disclaimer
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 or stock 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.
