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.
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