MEXCADA Price Prediction: Cardano Coin Could Slide To $0.3 As Supply Pressure Persist At Key Resistance
ADA price Prediction: The Cardano price recovery rally struggles to surpass $0.35 resistance indicating the overhead supply pressure is high. The daily time frame showcasing higher price rejection aforementioned resistance indicates the sellers are likely to prolong the prior correction phase. Is the Caradno coin moving back to $0.3, or the recovery opportunity is still available?
Key Points:
- Long-wick rejection candles at $0.347 resistance indicate that market participants are witnessing high selling pressure at this level.
- A potential reversal from the $0.347 resistance could tumble the Cardano coin 12% down to hit $0.3 support.
- The intraday trading volume in the ADA coin is $398.2 Million, indicating a 13% gain
Source- Tradingview
Amid the recent recovery in the crypto market, the Cardano coin rebounded from a $0.3 psychological support. The bullish reversal registered a 16% gain and pushed the price to $0.347 resistance.
However, on March 14th, the prices showcased a failed attempt to breach with a long-wick rejection attached to the daily candle. This rejection indicates the traders are selling at a bullish pullback which is one of the key traits for an established downtrend.
While a bullish sentiment continues in the crypto market, the Cardano coin shows another long-wick rejection daily candle, offering additional confirmation that sellers are defending the overhead level.
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This rejection hints at a higher possibility that the Cardano coin may consolidate above the $0.32 support for a few more trading days. However, If the selling pressure persists, the ADA price will breach the $0.32 support followed by the $0.3 mark.
On a contrary note, interested buyers should wait for a breakout from $0.347-$0.353 resistance to look for long entry opportunities.
Technical Indicator.
Relative Strength Index: the daily RSI slope wavering below the midline indicates market sentiment is still negative for the Cardano coin.
EMA’s: the daily EMAs(20, 50, and 100) moving near the $0.375 resistance creates a highly concentrated resistance against buyers.
Cardano Coin Price Intraday Levels
- Spot price: $0.33
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.35 and $0.38
- Support level- $0.32 and $0.29
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