Cardano price prediction shows a clear picture of the historical price data that ADA has been declining ever since it peaked at $3.099 in August 2021. The price of ADA fell by almost 93% during the course of the following year.
However, the coin experienced a comeback of about 90% after finding support at the $0.241 level. Unfortunately, this upswing was short, and ADA’s price quickly began to fall again after getting closer to the previous support level.
Cardano Price Prediction is currently located close to a resistance level, and it is quite likely that the price will keep falling. Cardano’s price movement is generally weak, suggesting that there may be additional drops in the days to come.
Additionally, the lack of fresh volumes in the coin shows the existence of sellers, which hastens ADA’s underperformance over the course of a day.
Source: Cardano (ADA)/USD.1W.BITFINEX by TradingView
In the daily period, the price of Cardano (ADA) is currently trading below both the 20-day EMA and the 50-day EMA, which is a negative sign. ADA is the subject of bearish momentum and sell-side investor sentiment.
Moving Average Convergence Divergence is also indicating a bearishness and giving a negative signal in the weekly timeframe. The MACD line is at -0.01626247 and the signal line is at -0.02297170. Both of them are below the zero line, suggesting MACD is in the negative zone and will give bearish movement.
The Cardano (ADA) 24-hour trading volume is $486,206,855 with a decrease of -4.98% in 24 hours. This indicates a decrease in market activity at the current time. As volume is seen to be decreasing it can be noticed that buyers are not taking a position in the coin and the price might fall in the upcoming future.
The current price of Cardano (ADA) indicates uncertainty for the immediate future. Indicators like the EMA and MACD are giving negative signals. Also, the price is sustaining at the resistance and the price is giving rejection. Investors are not showing a lot of interest in buying ADA. This caused the coin’s unfavorable sentiment to increase.
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
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