Will ADA Price Rejection From $0.35 Barrier Resume Prior Downfall?

Published 9 seconds ago

Cardano Price Prediction: the ongoing recovery rally in Cardano coin price halts at the $0.35 local resistance zone. On March 14th, the daily chart shows the buyers failed to surpass the $0.35 barrier with a long-wick price rejection, indicating that traders are selling during price rallies. If the selling pressure persists, the ADA price is likely to prolong the prior correction phase.

Key Points:

A bearish reversal sign at $0.35 resistance puts Cardano coin on a 16% downside risk
Several technician levels accumulate near the $0.35 mark creating a strong supply zone
The intraday trading volume in the ADA coin is $624 Million, indicating a 10% gain.

Cardano Price Prediction Source- Tradingview

With the increasing bullishness in the crypto market, the Cardano coin rebounded from the psychological support of $0.3. The resulting bullish reversal backed by growing volume surged the coin price by 18.45% where it hit a flipped resistance of $0.35

However, on March 15th, the buyers tried to breach the aforementioned as well but by the day’s end, the daily candle closed below $0.35. This long rejection candle indicates the sellers are defending the level and may pressurize the price to resume proclaiming correction.

Also Read: Top Crypto Copy Trading Platforms For 2023

If the Cardano coin faces more signs of selling pressure at $0.35 in the coming days, the prices are likely to turn down and retest the local of $0.325 and $0.3.

On a contrary note, if the buyers reattempt to prolong this recovery phase, the price will need a daily candle closing above the $0.35

Technical Indicator.

Relative Strength Index: the daily RSI slope jumped back to the midline(50%) indicating the market sentiment is neutral.

EMA’s: the daily EMAs(20, 50, and 100) accumulated near the $0.35 mark creating a strong resistance level against buyers.

Cardano Coin Price Intraday Levels

Spot price: $0.344
Trend: Bullish
Volatility: Medium
Resistance level- $0.35 and $0.377
Support level- $0.327 and $0.3

From the past 5 years I 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. raech 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-will-ada-price-rejection-from-0-35-barrier-resume-prior-downfall/