Cardano Price Prediction: Is $0.3 Next For ADA Price?
Cardano Price Analysis: While the FUD in the crypto market continues to rise, the ADA price is struggling to sustain on higher grounds. For over two weeks, the Cardano price has remained within a confined range spread from $0.38-and-$0.35 level. However, this consolidation is hovering above the long-coming support trendline of the channel pattern which maintains the overall trend bullish.
Key Points:
- A breakdown below the support trendline will prolong the prior downtrend in the ADA price
- The daily EMAs(20, 50, and 100) moving near the $0.38 level adds more selling pressure
- The intraday trading volume in the ADA coin is $112.3 Million, indicating an 11% loss
Source- Tradingview
On May 18th, the Cardano coin price turned down from a local resistance of $0.38. The resulting reversal aligned with market uncertainty plunged the ADA price for straight four days which recorded a 5.4% loss.
By the press time, the ADA price trades at $0.359 and shows a breakdown attempt from the long-coming support trendline. This lower trendline of the channel pattern has maintained a steady rally for the past four months and maintains the overall bull trend.
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Therefore, a breakdown below this support with a daily candle closing will accelerate the selling pressure on the Cardano coin. The potential downfall will more likely tumble the prices by 17% to reach the next significant support of $0.3.
Conversely, if the prices continue to witness above the support trendline, the buyers may rechallenge the $0.38 mark. This breakout will signal a new bull cycle within a channel pattern.
Technical Indicator
Bollinger Band: Along with support trendline breakdown, the ADA price will also challenge the lower band of the BB indicator suggesting an opportunity for momentum selling.
Moving Average Convergence Divergence: The flattish MACD(blue) and signal(orange) line highlights an indecisive trend in Cardano
Cardano Coin Price Intraday Levels
- Spot price: $0.359
- Trend: Down
- Volatility: Low
- Resistance level- $0.37 and $0.39
- Support level- $0.355 and $0.334
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