Logo
Cardano Ecosystem

The Market Periodical

06/30/2022

·

587 views


Cardano Price Analysis: Will ADA Recover above $1.00 Ever?

Cardano Price is trading with strong downtrend momentum over the daily price chart. The crypto asset has fallen below the 20, 50, 100, and 200-day Daily Moving Average. The pair of ADA/BTC is at 0.0000232 BTC with an intraday...

Cardano Price Analysis: Will ADA Recover above $1.00 Ever?
  • Cardano Price is trading with strong downtrend momentum over the daily price chart.
  • The crypto asset has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
  • The pair of ADA/BTC is at 0.0000232 BTC with an intraday drop of 1.27%.

Cardano’s price has been falling through a descending parallel channel over the daily price chart. The token has been consolidating inside the horizontal range-bound area and is trading towards the lower trendline to register its breakdown. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. ADA coin must gather support from the buyers in order to register its recovery phase. The token must avoid falling below the consolidation phase towards the lower trendline of the parallel channel. ADA must attract more buyers to avoid falling more.

Cardano’s price is presently CMP at $0.44 and has lost 6.84% of its market capitalization in the last 24-hour period. However, trading volume has increased by 9.69% in the intraday trading session. This shows that buyers are trying to accumulate themselves to let ADA sustain at the lower trendline. The volume to market cap ratio is 0.05466.

Related articles

 What about BCH Coin’s accumulation at 2018 Lows?

 XLM in a Make-or-Break Situation, Will it Sustain at Lower Level?

ADA coin price must attract more buyers in order to start its recovery phase. The crypto asset has fallen below the 20, 50, 100, and 200-day Daily Moving Average. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. Gradually falling volume signifies the downtrend momentum of the ADA coin. 

Support on the lower end is at $0.40 and resistance on the higher side is at $0.65.

When will ADA escape the Falling Pattern?

ADA coin pierce is preparing itself for the recovery phase. However, the token is currently facing short-selling pressure and is heading towards the lower trendline. ADA must gather support to avoid falling significantly. Technical indicators suggest the downtrend momentum of ADA coin. 

The relative Strength Index showcases the bearish momentum of the ADA coin. RSI is at 38 and is heading towards the oversold territory. 

MACD exhibits the consolidation phase of ADA inside the descending parallel channel. The MACD line is heading towards the signal line for a negative crossover. ADA investors need to wait for any directional change over the daily price chart.

Conclusion 

Cardano’s price has been falling through a descending parallel channel over the daily price chart. The token has been consolidating inside the horizontal range-bound area and is trading towards the lower trendline to register its breakdown. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. Gradually falling volume signifies the downtrend momentum of the ADA coin. Technical indicators suggest the downtrend momentum of the ADA coin. RSI is at 38 and is heading towards the oversold territory. ADA investors need to wait for any directional change over the daily price chart.

Technical Levels

Support Level: $0.40 

Resistance Level: $0.65

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.   

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on The Market Periodical

ORIGINAL SOURCE

https://themarketperiodical.com/2022/06/...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from The Market Periodical

See more
Cardano Price Analysis: Is A Price Breach For ADA In Place?
The Market Periodical
Cardano Price Analysis: Is A Price Breach For ADA In Place?

10/05/2022

·

24.1K views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X