Price Analysis View Non-AMP

Cardano (ADA) Price Prediction for April 9

Published by
Chandan Gupta

In the ongoing tariff wars, the cryptocurrency market has already experienced notable downside momentum, but it currently appears to be in recovery. Amid this, the Cardano (ADA) price prediction has become a key topic of discussion, whether the current price rebound is genuine or merely a normal price correction before further downward movement.

Cardano (ADA) Technical Analysis and Price Action

Data from CoinMarketCap reveals that ADA has lost over 24% of its value in the past month. Following this notable price decline, the asset has lost its hold on a key support level at $0.64. This level has a strong history of triggering price reversals and rebounds.

Source: Trading View

According to Coinpedia’s technical analysis, ADA is poised to continue its downward momentum as it has successfully closed a daily candle below the key support level. Additionally, the asset has also retested that breakdown level. On the smaller time frame (Four-Hour Chart), ADA appears to be moving in an uptrend, taking support from an ascending trendline.

Cardano (ADA) Price Prediction

Based on recent price action and historical momentum, if ADA falls further and closes a four-hour candle below the trendline support, there is a strong possibility it could decline by 20% to reach the $0.43 level in the coming days.

Source: Trading Volume

At present, ADA is trading below the 200 Exponential Moving Average (EMA) on both the four-hour and daily time frames. This indicates that the asset is in strong bearish momentum and is showing weak price action. However, in such conditions, investors and traders often look for an upside rally as a shorting opportunity.

Current Price Momentum

ADA is currently trading near $0.575 and has recorded a price decline of over 2% in the past 24 hours. Meanwhile, during the same period, its trading volume dropped by 15%, indicating lower participation from traders and investors compared to the previous day.

$16.40 Million Worth of Bearish Bet

Looking at the current price momentum and ADA’s bearish outlook, traders seem to be strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass.

Source: Coinglass

Data further reveals that traders are currently over-leveraged at $0.544 on the lower side (support) and $0.588 on the upper side (resistance). At these levels, traders have built $8.33 million and $16.40 million worth of long and short positions, respectively.

These positions by traders reflect how they currently view ADA, which appears to be bearish. Moreover, with $16.40 million worth of short positions, there is a strong possibility that this could put downward pressure on ADA in the coming days.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

Recent Posts

Could a $1000 Investment in Mutuum Finance (MUTM) Turn Into $100,000 Like Dogecoin (DOGE) in 2021?

Dogecoin (DOGE) created a buzz in 2021 by converting little investments into colossal wealth through…

May 4, 2025

Bitcoin Solaris Reduces Transaction Fees by 80% Compared to Bitcoin’s Network

If you’ve ever moved Bitcoin during a busy stretch, you know how it goes. You…

May 4, 2025

SUI and POL Investors Are Quietly Rotating Into Codename:Pepe — What’s Fueling This Shift?

Investors in SUI and POL are beginning to rotate into Codename quietly:Pepe, an emerging AI-powered…

May 4, 2025

$350 Might Just Be Enough—XYZ, SOL, and ADA Are Testing the Boundaries

A small investment might unlock significant opportunities as certain digital currencies push their limits. Tokens…

May 4, 2025

Fact Check: Will Ripple Vs SEC End on Thursday?

The long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) might…

May 4, 2025

Pi Coin News: Banxa Opens Doors to Pi Network in 100 Plus Countries with KYB Approval

A few days ago, Banxa temporarily suspended Pi transactions, likely due to pending KYB (Know…

May 4, 2025