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- 1 Cardano crypto price decreased by 23.66% over the past 30 days.
- 2 ADA price is trading below the key moving averages, showcasing bearishness on the daily charts.
- 3 Cardano price prediction is bearish for January 2024 and suggests more decline may be visible.
Cardano price prediction favors the bears and suggests more downfall is possible on the daily chart. It faced rejection from the upper levels and witnessed a sharp sell-off from the higher levels. Buyers of Cardano struggle to hold the price above the 50-Day EMA.
Cardano price is down by 23.66% over the past 30 days, whereas according to the price action, the ADA price continues to move under the bears’ influence. Sellers are trying to drag Cardano crypto prices toward the lower trendline. Cardano must lure buyers to rise toward the upper trendline. Investors in Cardano crypto need to wait for any directional shift over the daily time frame chart.
ADA price turned down and showed initial signs of correction. If the price drops further, it will be evident that the trend of this Cardano crypto has changed in a downward direction.
The 100-Day EMA is trying to offer support and stop the correction but sellers look aggressive and likely to win the battle.
Moreover, the price showed a minor recovery as it took support on the 100-Day EMA. The ADA price bounce back looks temporary and lacks real buying and it may face difficulty to stay at the higher levels.
The volatility in this crypto has also increased which indirectly increases the probability of false moves. So, short-term traders need to be cautious and build a position with a strict risk management plan. Currently, the ADA/USD pair is trading at $0.485.
A Sharp Decline in Cardano Price (ADA); What Next?
The recent price drop of Cardano (ADA) has raised concerns among long-term investors, as the positive momentum seems to have come to a halt and the price is heading for a correction. As long as ADA trades below a certain key level, sellers are expected to remain active, potentially leading to short-term bounces being sold off.
The chart structure of ADA appears to be dominated by bears, which suggests that it is better to avoid building long positions until reliable signs of a bounce-back appear. The recent price drop seems to be genuine and bears may try to pull the price down to dynamic supports.
The downward trend of ADA is not an isolated event, as other cryptocurrencies like Bitcoin and Ethereum are also experiencing bearishness. This has had a negative impact on the price of ADA and other altcoins.
Technical indicators such as the RSI and MACD further indicate a bearish momentum, with the RSI at 40 sloping down and the MACD displaying a negative crossover and red bars forming on the histogram. I
Summary
Cardano’s price prediction has turned bearish for the current month, with sellers appearing to be aggressive with more decline expected in the near future. The analysis suggests that ADA is currently in the bear’s grip and may potentially be pulled down to yearly lows.
Technical Levels
Support Level: $0.416
Resistance Level: $0.515.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
