NewsletterCardano (ADA) Price prediction: ADA Defends $0.80, More Downside On The Offer!
Cardano (ADA) price trade with modest gains on Tuesday. ADA has been trading in a very tight range since it hit January lows at $0.92. But the selling pressure remained dominant in the pair forcing ADA to test fresh 2022 lows in February at $0.81.
- Cardano (ADA) manages to trade in green on Tuesday.
- However, bulls do not show any conviction to sustain the momentum.
- Risk aversion and volatility undermine the demand for riskier assets.
The seventh-largest currency by market cap records a gain of 53% in the 24-hour trading volume at $2,477,989,575 as per the CoinMarketCap.
As per the on-chain analytics firm Messari, Cardano (ADA) has $17.04 billion in 24-hour transaction volume surpassing Ethereum. The Cardano blockchain now trails only Bitcoin in terms of on-chain activity
ADA trades near fresh yearly lows almost 68% down from ATH made on November 9 at $2.38. Since then ADA bulls have made multiple attempts to stop the downfall in the price but in vain. As selling pressure remained dominant.
Currently, ADA price has been trading below the 200-EMA (Exponential Moving Average) at $1.83 beginning from November 21.
Furthermore, a spike in the sell order could push Cardano’s (ADA) price below the fresh yearly lows of $0.81.
On the other hand, if investors start accumulating ADA at the discounted price then it has the potential to test the horizontal resistance line at $1.20. Next, market participants could aim for the psychological $1.40 level.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) hovers near the oversold trajectory with a neutral bias.
MACD: The Moving Average Convergence Divergence (MACD) held below the midline with a bearish crossover.
- Expert Raoul Pal Reveals Crypto Market Outlook as Government Shutdown Ends
- Bitcoin Price Falls Below $100k Despite U.S. Government Reopening
- 21Shares Launches Crypto Market Index ETFs, Tracking Bitcoin, Ethereum, Solana, Dogecoin
- Michael Saylor Predicts Bitcoin Will Overtake Gold’s Market Cap by 2035
- Breaking: Canary’s Spot XRP ETF (XRPC) Goes Live on Nasdaq
- Is Shiba Inu Price Set for Recovery Amid Partnership with Unity Nodes to Expand SHIB Utility?
- Top 3 Reasons Pi Network Price May Surge Despite the Incoming Token Unlock
- Solana Price Gears Up to $180 as DApp Revenue and DEX Volume Surge
- Cardano Price Rare Pattern Points to a 55% Crash as Key DeFi Metric Plunges
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
- XRP Price Shows Early Signs of Recovery Ahead of the First U.S. XRP ETF Debut—Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
