Price Analysis

Cardano Free Fall! ADA Price Primed To Hit $0.65 Soon, Here’s What Traders Should Do Now

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Cardano's price is currently displaying a significant bullish momentum, refusing to break down the lower support at the moment.

  • After a fresh rejection at $0.8, the price is consolidating heavily above $0.78 displaying a possibility of a breakout soon

  • With the coiling up of a bearish trend, the ADA price is expected to drop by more than 10% to drop below $0.7 soon

Cardano‘s price is currently heavily accumulating along the support zone, igniting constant flips again and again. However, the volatility rate has increased to a large extent and hence one can expect significant price movements in the coming days. Regardless of the direction, ADA price is primed to undergo a 10% or more change. But considering the present condition, the possibilities of a drain appears to be on a large side. 

Cardano(ADA) Price Analysis

  • The ADA price ever since its rejection from the $0.8 levels maintained a parallel consolidation. 
  • No doubt, it attempted to breakthrough the consolidation but ended up forming a huge fakeout as it dropped again into the channel
  • Presently, the ADA price has diminished its resistance but elevated the support, hence forming a symmetrical triangle which is quite decisive
  • Therefore, the accumulation may continue for another couple of days before a decent turn is undertaken irrespective of the direction. 
  • If in case, the asset breaks out from the consolidation, then it may regain the levels above $0.8 else a drop from here could ignite a plunge below the support levels. This in turn may ignite a bearish trend to escort the price below $0.7.

Cardano(ADA) Technical Analysis

Technical Indicators

Indicators ValueAction
Relative Strength Index(RSI)48.2Neutral
MACD-0.001Sell
Average Directional Index (ADX)25.4Neutral
Average True Value(ATR)0.0074Less Volatility
Bull-Bear Power0.001Buy

The ADA price technical analysis for the short-term points out towards a bearish trend. The RSI is hovering within the middle regions and is currently neutral and may head towards the induced volume. The MACD is also slightly bearish as a minor selling volume has accumulated that may drag the price slightly lower. 

The ADX, which indicates the strength of the rally is neutral while the ATR is less volatile meaning ADA price may not undergo huge price fluctuations. Interestingly, the bulls are pretty strong currently and hence a minute upswing may be expected

Pivot Levels

Moving Average(MA) -50:- $0.7977

Moving Average(MA) -200:- $0.8066

Resistance:- $0.815

Support:- $0.784

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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