Cardano Price Prediction: ADA Price in Control of Bears

• 1 Cardano price is currently trading at $0.3612 while witnessing an increase of 0.33% during the intraday session.
• 2 ADA price is trading below 20,50,100 and 200-day EMAs.
• 3 ADA price seems to be in control of bears.

The bullish trend for Cardano started after hitting the low of $0.3030 which turned out to be the level where the Cardano price bounced off. The uptrend pushed the price to form a high at $0.4617 level from the low. The price then entered a corrective state and price took a downturn from the annual highs, dropping approximately 24% since mid of April. 

The previous candle has closed below recent support of $0.3625 and the current candle did move downwards to break the bottom wick of the price candle but encountered rejection from the $0.3540 level. 

ADA Price Suffers Due To Bitcoin Price Fluctuation

The whole crypto-currency market is bearish similar to ADA with bitcoin moving down below the $27,000 level. Ethereum price also pushed below $1800 level. The breakout of the price below the crucial support of $0.38, led to the continuation of a bearish trend in the price. 

The possibility of price trading sideways is high as looking to the left, the price consolidated in the current region previously which makes it a strong demand zone. The current price action shows that ADA price is trading in a downward channel forming lower lows and lower highs. 

The ADA price is below 20,50,100 and 200-day EMA indicates a strong bearish trend in the market. The next potential target in the downward direction resides near the $0.34 level. The ADA price needs to be pushed above 200-day EMA for it to gain bullish momentum and increase the possibility for the price to again retest the annual highs. This might be the right time for the buyers to jump into the market before the price slips down to the $0.3030 level. 

Will Cardano Price reach the $0.3030 level? 

Chaikin Money Flow score increased from -0.11 in the past three days. The current CMF score is 0.05 indicating a rise in the strength of buyers in the market. RSI trades at 38.41 indicating bearish momentum in the price. ADA price reached near the lower band of Bollinger indicating a chance of pullback in the price. The current candle has turned bullish and breaking above $0.37 might push the price to the $0.3950 level. The longs/shorts ratio is 0.9 with 47.47% longs and 52.53% shorts indicating more position of sellers in the market in the last 24 hours. 

Conclusion

The market structure and price for Cardano are bearish as of now. The technical parameters indicate that buyers have started to jump into the market to prevent further slippage. Cardano price might move sideways before taking a decision regarding direction as the price has previously consolidated in the current region.  On a weekly basis, the ADA price has broken below the upward channel. 

Technical levels:

Major support: $0.32 and $0.3030

Major resistance: $0.38 and $0.41.

Disclaimer

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