Cardano Price Prediction: Below the 200-day EMA, It’s Still a Bear Market
Cardano price has been on a descending channel for three weeks now. Find out what next for the altcoin. The post Cardano Price Prediction: Below the 200-day EMA, It’s Still a Bear Market appeared first on InvestingCube. Read the...
Cardano price has been trading sideways around 1.6000 since the beginning of the week. While its current level marks a rebound from its four-month low over the weekend, it is still within the descending three-week-long descending channel. While it may record some gains, it will likely remain under pressure in the short term.
Cardano price prediction
ADA has been on a downtrend for about three weeks when it dropped from November’s high at 2.3777. Since then, it has declined by about 32.72%. On Sunday, it fell to its lowest level since early-August at 1.4224.
Since the beginning of the week, Cardano price has been hovering around the support zone of 1.6000. At the time of writing, it was up by 2.73% at 1.5979. On a two-hour chart, it is trading along the 50-day EMA and below the long-term 200-day EMA.
For as long as Cardano price remains below the 200-day EMA, which is at 1.7260, the bears will still be in control of the market. Besides, the formation of a descending channel points to further losses in the ensuing sessions.
In the short term, I expect the altcoin to find support at 1.5450. Below this level, the bears have an opportunity to retest the three-month low of 1.4224. On the upside, a move above 1.6396 will likely place the resistance level along the 200-day at 1.7260.
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