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- 1 Cardano price prediction suggests a short-term pullback rally may trigger anytime.
- 2 ADA price struggles to climb above the 50-day EMA showing a short-term downtrend.
- 3 Cardano crypto price is trading near its long-term demand zone.
Cardano price prediction is turning bullish and suggests a short-term pullback rally may trigger anytime. ADA price is trading near to the demand zone and buyers are trying their best to rebound.
Cardano price struggles to climb above the 50-day EMA to reverse the short-term trend in the upward direction. However, the positional trend will turn upward when buyers are able to break out of the 200-day EMA.
In the mid of July, ADA price shot up 23% in a single day with a high buying volume. Sadly, the buyers failed to give the follow-up momentum, and the price faced rejection from the $0.3800 level.
It shows that the previous up move was speculative and sellers are active on higher levels. Cardano crypto price continues to decline and erodes the gains generated in July month.
Cardano price is trading at $0.2989 with an intraday decline of -0.80%. The 24-hour volume to market cap is 2.24%.
The pair of ADA/BTC is trading at 0.00001007 with an intraday decline of -1.18%. The price chart of both the pairs looks quite similar and the correlation with BTC is 0.66.
Will Cardano Price recover from the demand zone?
Cardano price prediction suggests buyers are active at lower levels and bounce back is possible. Presently, the crypto seems to be stuck in a narrow range and buyers are to defend the demand zone.
Till the ADA crypto price trade above $0.2500 the possibility of a bounce back remains in the favor of bulls. Cardano price is trading near to the crucial support so the downside risk looks limited.
However, the price will pick up momentum when buyers are able to break the $0.4000 hurdle. On the other hand, if the ADA crypto price drops below the $0.2500 level then be prepared for the new lows.
ADA Price lacked direction
ADA price lacked direction and showcase consolidation on the daily and weekly time frame. The crypto leader Bitcoin price is recovering and trying to regain the $30K mark.
If buyers succeed the overall market sentiment will improve which might positively impact the price of other Altcoins. The MACD curve slopes sideways and near the zero line indicating consolidation might continue for some more time.
Conclusion
Cardano price prediction is bullish till it holds the demand zone and suggests a pullback is possible. If the ADA price managed to climb above the 50-day EMA then buyers’ presence will be visible. Also, the possibility of retesting the July month high will increase.
Technical levels
- Resistance levels: $0.3500 and $0.3869
- Support levels: $0.2600 and $0.2500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
