Despite increased price action in the crypto market, the Cardano price has displayed a neutral price action for a brief period. Furthermore, the 11th largest crypto token is hovering close to its crucial support, indicating uncertainty in future price movements.
Is the ADA crypto holding its value above the $0.330 a bullish sign? Or is this crypto on the cusp of experiencing a major price correction during the upcoming time? In this article, we have covered the short-term price prospects of the Cardano (ADA) token.
Amid increased price volatility. The Cardano token has dropped ~2% in the past 24 hours with a trading volume of $288.65 million. Moreover, it has recorded a neutral price action over the past month by recording a variation of >1% in valuation.
Moreover, this altcoin has been trading close to its crucial support of around $0.330 since August. By facing repeated rejection at its resistance level of $0.4075, the market sentiments indicate a strong sell-off point at that level.
The EMA 50-day is on the verge of experiencing a bearish convergence in the 1D time frame. This highlights a weak buying pressure for the altcoin in the crypto market.
Further, the Relative Strength Index (RSI) has recorded a sharp drop toward its neutral point. With a high possibility of a negative crossover in its average trendline, the ADA price may continue losing momentum this week.
If the bulls resurface, the Cardano token will prepare to retest its resistance level of $0.4075. Maintaining the price at that level will set the stage for it to head toward its upper resistance level of $0.50 during the upcoming weeks.
Conversely, if the bearish sentiment intensifies, this altcoin could retest its crucial support trendline of $0.330. Furthermore, if the market uncertainty intensifies, this could result in it plunging toward a new yearly low this Q4.
To understand the practicality and technalicity of this altcoin reclaiming the $1 mark, Read our Cardano (ADA) Price Prediction 2024 – 2030!
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