The ADA’s price is currently gaining substantial support from buyers. At present, the price of Cardano is trading near an important support level. The investor’s sentiments regarding the price may take a bullish turn within the next few weeks. If the buyers succeed in propelling the price up above its current resistance levels, the price may make a bullish recovery of 24% in the near future.
The TVL of ADA is observing a steady increase in its value after early January. This indicates that the buyer’s confidence and trust in the token is increasing. The current TVL of the ADA coin is $157.95M which is an increase of 4.40% in 24-hour trading value. The volume of active users is stagnant. It has not been successful in breaching the 80K resistance level, as of yet.
The present value of Cardano is $0.369. It has a total market cap of $12.89B.
A Recovery of TVL Value in ADA Token, Stagnant Active Users
Previously, the price of ADA broke out of its bear trend in early January. After gaining support from $1.200, it started trading on an uptrend gaining more than 95%. However, even with the bull’s support, the price was not able to breach its resistance level of $4.000.
Despite the sharp collapse, the bulls are persistent in their efforts and the price action indicates that their attempts may not go in vain.
Technical Analysis on the ( 1 Day Timeframe )
The RSI line is taking rejection from the median line. The RSI line is making an attempt to cross above the 14 SMA points. The value of the RSI line as of now is 46.28 points; the 14 SMA is providing support at 46.45 points. The RSI curve is indicating a bullish recovery.
The Stochastic RSI is trending near the oversold level of around after taking a rebound from the median line. The %K line and %D line have already given a positive cross-over. The current value of stochastic RSI is 64.41 points.
Conclusion
According to the analysis, the ADA price is indicating a change in trend. The stochastic RSI and RSI are taking a bullish reversal. The ADA price at present is taking support from $1.800 and the next support level will be around $3.500. The resistance point for the price of ADA is $0.4000 and its major resistance is at $0.4500.
Technical levels –
Support –$1.800
Resistance – $2.100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/05/23/cardano-price-prediction-2030-will-cardano-price-rebound/