Tech

Is $0.3 Next For ADA Price?

05/21/2023
Bitcoin Ethereum News
Cardano Price Analysis

Published 9 seconds ago

Cardano Price Analysis: While the FUD in the crypto market continues to rise, the ADA price is struggling to sustain on higher grounds. For over two weeks, the Cardano price has remained within a confined range spread from $0.38-and-$0.35 level. However, this consolidation is hovering above the long-coming support trendline of the channel pattern which maintains the overall trend bullish.

Key Points: 

  • A breakdown below the support trendline will prolong the prior downtrend in the ADA price
  • The daily EMAs(20, 50, and 100) moving near the $0.38 level adds more selling pressure 
  • The intraday trading volume in the ADA coin is $112.3 Million, indicating an 11% loss

TradingView ChartSource- Tradingview

On May 18th, the Cardano coin price turned down from a local resistance of $0.38. The resulting reversal aligned with market uncertainty plunged the ADA price for straight four days which recorded a 5.4% loss.

By the press time, the ADA price trades at $0.359 and shows a breakdown attempt from the long-coming support trendline. This lower trendline of the channel pattern has maintained a steady rally for the past four months and maintains the overall bull trend.

Also Read: Best Liquidity Lockers 2023 ; Updated List

Therefore, a breakdown below this support with a daily candle closing will accelerate the selling pressure on the Cardano coin. The potential downfall will more likely tumble the prices by 17% to reach the next significant support of $0.3.

Conversely, if the prices continue to witness above the support trendline, the buyers may rechallenge the $0.38 mark. This breakout will signal a new bull cycle within a channel pattern.

Technical Indicator

Bollinger Band: Along with support trendline breakdown, the ADA price will also challenge the lower band of the BB indicator suggesting an opportunity for momentum selling.

Moving Average Convergence Divergence: The flattish MACD(blue) and signal(orange) line highlights an indecisive trend in Cardano

Cardano Coin Price Intraday Levels

  • Spot price: $0.359
  • Trend: Down
  • Volatility: Low
  • Resistance level- $0.37 and $0.39
  • Support level- $0.355 and $0.334

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/cardano-price-prediction-is-0-3-next-for-ada-price/