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- 1 Cardano price prediction suggests prices are near the demand zone and a pullback rally is possible.
- 2 ADA price trading below the 50-day and 200-day EMA.
- 3 Cardano crypto price is inside the downtrend.
Cardano price prediction is bullish for the long term till it holds the $0.2200 support. The price is near the demand zone so a short-term pullback rally is possible.
ADA price is trading below the downward-sloping 50-day and 200-day EMA showcasing a downtrend. However, the ADA crypto price has gone far away from the EMAs. Due to this buyers might come forward to push the prices higher.
In the mid of July, Cardano’s price surged 23% in a single day and attempted a $0.3800 hurdle. Sadly, the attempt was not successful and prices faced sharp rejection from the supply zone.
Slow and steady prices decline by forming lower lows. The recent downfall in the Cardano price is due to external factors. So, if the overall market recovers then ADA crypto might also be positively impacted.
Cardano price is trading at $0.2690 with an intraday rise of 0.34%. The 24-hour volume to market cap is 2.05%. The ADA/BTC pair is trading at 0.00001014 with an intraday decline of -0.10%.
Cardano Price at attractive levels, What to do?
Cardano price prediction suggests buyers are active near the demand zone and the relief rally might be visible soon. ADA crypto prices had not performed well in the past few months and remained in the bear’s grip.
Buyers tried multiple times to hold the price above the 50-day EMA but were rejected. It shows the strong presence of sellers on higher levels. Therefore, it’s going to be difficult for the buyers to break out of the higher levels.
The technical analysis suggests that the ADA price is undervalued and buyers might come forward to accumulate at lower levels.
ADA Price formed a bullish hammer candle
ADA price forming a bullish hammer candle on the weekly time frame. It indicates that the sell-off is getting absorbed in the demand zone. The fresh buyers might show their interest when the overall crypto market recovers.
The MACD curve trading below the zero line indicates mild bearishness. But, the curve is reversing upward and might generate a positive crossover in the coming weeks.
The RSI at 40 indicates sellers are active but if prices recover then RSI may test the neutral territory.
Conclusion
Cardano price prediction remains bullish for the short term as well as for the long term. The technical analysis suggests that ADA price looks cheap and attractive at the current levels. So, buyers might come forward to push the prices higher.
Technical levels
- Resistance levels: $0.3335 and $0.3800
- Support levels: $0.2400 and $0.2200
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.
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.
