Cardano(ADA) faces a bearish trend with indicators revealing a new corrective phase. The popular proof-of-stake (POS) coin is facing mixed reviews by analysts but the price is shying to hit $0.47 or $5 again.
Dropping over 22% in the past month, ADA has already hovered around the crucial support level of 0.457, a correction from here will invalidate any bullish bias. The Accumulation ratio can be seen decreasing in recent 4-hour candles.
The Liquidation ratio of ADA shows slightly increased long-term points it the VMWA( Volume waited moving average) is at 0.46 is also a concern.A balance or decrease can lead to a retracement.
ADA is currently trading at 0.455 with 24-hour growth of -0.83% and a trading volume of 328 million. With a market cap of 16.3 Billion USD, the crypto sloped to 10th rank on Coinpedia Markets.
Technical analysis from Coinpedia Markets indicates a bearish sentiment. Volatility ranges high at 4.29% and closes at only 12 green days in 30 days. RSI at 25.73 is a clear sell indicator with only the long-term 50-day and 200-day SMA Cross showing a bullish trend.
The trader can also find the drop as an entry point anywhere in the range near $0,4. The Coin’s historical downtrend has followed a similar pattern and has exploded very high.
A prediction plotted for 2024 looks like Cardano (ADA) will range between $0.42 to $0.5, a best choice for Swing traders with prices consolidating majorly sideways.
The Sui network has attracted significant investment from institutional investors seeking to capitalize on its…
Technical analysis shows that the Dogecoin price is poised to gain 33% to 23 cents…
The AT&T subscribers can connect to Helium’s community-built Wi-Fi network. The Helium network has grown…
The crypto markets are experiencing a powerful bullish wave, highlighted by Bitcoin’s breakout and a…
The recent rise in the bullish momentum has elevated the markets above the bearish captivity…
The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone. The…
