Cardano Price Analysis: ADA Still In Neutral Territory
Cardano price action suggests accumulation by investors on Wednesday’s trading session The 24-hour volume in ADA is at $7,154,366,152 with a 128.70% increase The ADA/BTC pair was trading at 0.0000211 BTC with a gain of 2.82% Source: ADA/USD on TradingView...
- Cardano price action suggests accumulation by investors on Wednesday’s trading session
- The 24-hour volume in ADA is at $7,154,366,152 with a 128.70% increase
- The ADA/BTC pair was trading at 0.0000211 BTC with a gain of 2.82%
Source: ADA/USD on TradingViewThe 4-hour technical chart of Cardano price action forecasts a sideways trend. According to pivot points, ADA’s critical support level is placed at $1.16. Whereas if it moves up, the key resistance level to watch is $1.45. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern representing bearish reversal with high reliability.
EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13,21 (green, yellow), which projects a positive trend for a short while. The price is below all the EMA’s. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.
RSI indicator (BEARISH), with a value of 44.65, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 64 to 44 in the index, and it may soar in future trading sessions.
The volume of (24.37M) represents a selling volume which is above the Volume MA (18.42M) of 20-days. High buying pressure is required in Cardano to drive its price to higher levels.
Cardano Price Action Has No Signs Of Positive Recovery
Cardano price traded at $1.18 with a loss of 1.19% in the last 24-hour and 0.52% up in the weekly time-frame. Furthermore, Cardano is in the accumulation phase from the past few weeks. In contrast, the market capitalization stands at $37 billion. Technically, investors can perceive a positive crossover in EMA, but the price is below the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can stay in the accumulation zone for future trading sessions.
Resistance: $1.45
Support: $1.16
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
