Analyst Cautions Against ADA Potential Drop To $0.38, Here's Why

You are here: Home / News / Analyst Cautions Against ADA Potential Drop to $0.38, Here’s Why Recently, ADA broke through the bottom of its upward trend channel. This means its upward movement is not as...

You are here: Home / News / Analyst Cautions Against ADA Potential Drop to $0.38, Here’s Why

Recently, ADA broke through the bottom of its upward trend channel. This means its upward movement is not as strong in the medium or long term. Right now, ADA is facing resistance at around $0.46. If ADA cannot break through $0.46, it could go down again. But if ADA goes above $0.46, that would be a good sign.

The trading volume shows that sellers are stronger than buyers in the Cardano market right now. This is putting downward pressure on ADA’s price. Also, ADA’s Relative Strength Index (RSI) has gone below 30 because of recent price drops. This strong negative momentum hints that Cardano could drop even more.

However, it’s worth noting that in larger stocks, a low RSI could indicate overselling, possibly paving the way for a rebound. Overall, the technical assessment for Cardano in the medium to long term leans slightly towards the negative side.

At the time of writing, Cardano’s price stands at $0.443560, with a 24-hour trading volume reaching $934.53 million and a market capitalization of $15.80 billion. Over the past 24 hours, the Cardano price has experienced a decrease of 2.23%.

Crypto analyst Sssebi emphasized the importance of ADA surpassing its 200-day moving average at $0.50. Failure to do so could potentially trigger another downward movement, possibly to around $0.38 or lower, especially if market conditions deteriorate significantly. Bitcoin’s performance is currently guiding the overall market direction, but there’s hope that Cardano can eventually decouple from this influence.

Cardano (ADA) Short-term Price Forecast

According to an analysis by Changelly, Cardano’s ADA cryptocurrency is expected to decrease slightly by around 1% by April 19, 2024. Looking at Changelly’s analysis further, their technical signals are mixed. 26% suggest bearish or decreasing prices, while another 26% suggest bullish or increasing prices for Cardano. The Fear & Greed Index, which measures investor sentiment, currently shows a score of 67, indicating greed or optimism among investors.

Based on Cardano’s price movements in early 2023, experts predict the average Cardano price around April 2024 will be around $0.463. Their forecast range suggests it could go as low as $0.425 or as high as $0.501.