Cardano Price Analysis: ADA failed to reverse ongoing trend, resulting in bearish weekend for holders

Bitcoinethereumnews 1 month ago Report
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  • Cardano (ADA) price is observing sideways just above the lower border of the Bollinger Bands indicator.
  • Last night, traders saw a 25% drop in trading volume for the ADA token over the past 24 hours.
  • Cardano’s price belonging to the bitcoin pair is trading at 0.00001804 satoshis, which is a little over 1.6% higher.

It is critical to cut losses during a market meltdown in order to generate significant returns. The expected exit point for ADA investors is one million dollars. Each trader’s entrance and exit points may be different. Before opening any trade, consider your risk tolerance, capital amount, and trading method.

Source: ADA/USDT by Tradingview 

The cryptocurrency has been trading just above the $0.50 mark for the previous two days, which is a crucial support level for ADA investors. In any event, if the price falls below this level, the bears may once again drive the currency down below $0.40. (90-day low).

ADA has a market cap of $17.8 billion, down 2.3% over the past 24 hours according to the CMC. Thus, in terms of the hourly price chart, ADA broke out of a short-term declining trend with an uptrend but entered a consolidation phase in a narrow range.

With sideways momentum, the weekly price candle is 11.95% lower at the end of the weekend. Meanwhile, at the time of writing, ADA was trading at the $0.5274 mark. Moreover, the price of Cardano belonging to the bitcoin pair is trading at 0.000001804 satoshis, which is a little over 1.6% higher.

In the context of the daily price chart, Cardano (ADA) price is trading sideways just above the lower boundary of the Bollinger Bands indicator. However, last night, traders saw a 25% drop in trading volume for the ADA token over the past 24 hours.

How long will the sideways trend continue

Source: ADA/USDT by Tradingview 

In terms of the daily chart, the 20 EMA is residing above Cardano’s live price. Similar, the RSI indicator recovered from the oversold zone.

Conclusion

Cardano price may continue to see a sideways trendline for this week. Next month buyers can push ADA price higher above the 20 EMA as well as the $0.60 mark (most recent resistance).

Support level –  $0.4 and $0.30

Resistance level – $0.7 and $1.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: ‘Sharks of Wall Street’ are causing instability in the crypto market:  Mashinsky

Latest posts by Ritika Sharma (see all)

Source: https://www.thecoinrepublic.com/2022/05/21/cardano-price-analysis-ada-failed-to-reverse-ongoing-trend-resulting-in-bearish-weekend-for-holders/

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