Can Cardano Take Support, Rise?

Cardano Network crypto plummeted by 0.47% in market value and surged by 20.85% in trading volume in the last 24 hours, as per the Coinmarketcap a crypto data analysis website. Its market value is $10,151,641,595 and its trading volume is $146,494,214. There are 35,037,822,594 ADA in circulation.

Cardano coin’s (ADA) open interest is $137.72 Million. As per Coinglass, another crypto analysis website, it rose by 0.43% in the previous session. The long versus short ratio for 24 hours is 0.9212. The total number of short positions added in the last 24 hours is $16.10 K against longs of $244.33 K.

Cardano (ADA) has a fully diluted valuation (FDV) of $13,034,128,729. This is a hypothetical market cap, assuming all 45 Billion ADA tokens are circulating today. This is according to the crypto data and information website Coingecko. However, the actual FDV may take years to reach, depending on how the ADA tokens are distributed over time.

The ADA coin has not performed well in the last month, decreasing by 11.66% and plummeting by 24.97% in the last six months. Cardano Network (BITFINEX: ADA) coin has a positive year-to-date return of 17.87% and a negative one-year return of 48.16%.

ADA Coin Price Technical Analysis in the 1-Day Timeframe

ADA coin price showed a downward trend for the past three months, decreasing by 20.95% during this period. 

At the time of publication, the ADA Coin price is trading at $0.28978, and the price is trying to make new lower lows and lower highs and declining.

Therefore, the ADA coin price could continue to move downwards and reach the nearest support at $0.26227504 and $0.24098186. If it fails to maintain the current level.

However, if the ADA Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.32387318 and $0.35125013.

At the time of publishing, the ADA coin price (BITFINEX: ADA) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the ADA Coin price trend. 

Hence, ADA Coin price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price. 

The MACD line at 0.00391350 and the signal line at 0.00277920 is below the zero line. Both lines crossed each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 41.42 points and the 14-day SMA is below the median line at 44.27 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold zone in the market for the ADA coin and highlighting bearishness.

Conclusion

ADA coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the ADA coin in the daily time frame. Cardano price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the Cardano price suggest the continuation of the downtrend over the daily time frame chart. Major trustworthy indicators MACD, RSI, and EMA, provide negative signals regarding the ADA coin price.

Technical Levels:

• Support levels: The nearest support levels are $0.26227504 and $0.24098186.
• Resistance levels: The nearest resistance levels are $0.32387318 and $0.35125013.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.

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