Home
News
- 1 The Cardano crypto price faced bearish pressure in the last few trading sessions.
- 2 ADA crypto price is trading below the essential moving averages.
Cardano crypto (USD: ADA) price is in a downtrend, trading near the lower support levels. Buyers aim to break through the obstacle and achieve a new high but fail. ADA crypto downed more than 16% last month. The price is below the key moving averages, highlighting bearishness.
The price action indicates that ADA crypto broke below multiple supports, highlighting the bears’ strength, who kept making short positions.
At press time, Cardano crypto was trading at $0.487 with an intraday gain of 4.06%, showing bullishness on the charts. Moreover, the intraday trading volume is 843.04 Million. The market cap of Cardano crypto is 17.56 Billion.
The oscillators are currently indicating that the price is in an oversold zone. The investors are pessimistic regarding the upcoming week’s performance.
Cardano crypto price decreased about 16.30% over the past week and lost 32.28% over the past month. The crypto has not performed well over the longer term, giving a negative return of 6.63% over the past three months and dropping about 17% year to date. The crypto’s performance throughout the year has also been disappointing.
CardanoCrypto Social Dominance vs Social Volume
Based on the social dominance and social volume graph, the social dominance and social volume have been stagnant for the last few months, which has left a neutral impact on the price. Furthermore, the momentum of the Cardano price may depend upon the change in social dominance and volume dominance.
Technical Analysis of Cardano Crypto Price in 1-D Time Frame
cardano by writer12_gsm on TradingView.com
Cardano (USD: ADA) price declined steadily over the past three months, dropping 7.95% and 33.34% last month. Currently, ADA crypto has been trying to hold on to this level after a price drop.
If it can stay at this level and bounce back, the Cardano price could reach the first and second targets of $0.525 and $0.602, respectively. However, if the ADA price cannot stay at this level and falls, it might hit the closest support level of $0.308.
Currently, Cardano crypto (USD: ADA) is trading below the 50 and 200-day exponential moving averages (EMAs), which are not supporting the price momentum. However, if buying volume adds up, the price might support bullish momentum by making higher and new highs.
Summary
The Cardano crypto (USD: ADA) price is currently in a downtrend, trading near lower support levels. The price has decreased about 16% in the last month and is below the key moving averages, indicating bearishness. However, the ADA crypto is trading at $0.487 at press time with an intraday gain of 4.06%, showing bullishness on the charts. The investors are pessimistic regarding the upcoming week’s performance. The ADA crypto’s performance throughout the year has been disappointing, giving a negative return of 17%. The ADA crypto is currently trying to hold on to this level after a price drop. If it can stay at this level and bounce back, the Cardano price could reach the first and second targets of $0.525 and $0.602, respectively.
Technical Levels
Support Level: $0.308.
Resistance levels: $0.525 and $0.602
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
