Cardano (ADA) Price prediction: ADA Defends $0.80, More Downside On The Offer!

Rekha chauhan
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Cardano price

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

Source: Trading view

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.

 

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.