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12/15/2022

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Cardano Price Prediction: Inside the Declining Parallel Channel, ADA Persisted in Consolidation! - BitcoinEthereumNews.com

Over the daily price chart, a parallel declining channel has shown a decline in the predicted price of Cardano.ADA crypto is trading at 20 EMA but still below 50, 100 and 200-days Daily Moving Average.Cardano...

Cardano Price Prediction: Inside the Declining Parallel Channel, ADA Persisted in Consolidation! - BitcoinEthereumNews.com

Cardano Price Prediction

  • Over the daily price chart, a parallel declining channel has shown a decline in the predicted price of Cardano.
  • ADA crypto is trading at 20 EMA but still below 50, 100 and 200-days Daily Moving Average.
  • Cardano must maintain the accumulation rate for the token to surge towards the upper trendline of the descending parallel channel

Cardano price forecast is demonstrated by the token’s declining velocity along a parallel descending channel on the daily chart of the cryptocurrency. The ADA cryptocurrency has to attract more customers if it is to rise to the higher level. However, the token has had a comical roller coaster ride on the daily chart. Investors in ADA must wait till the token is supported at the lower level of the channel. The ADA coin price must rocket back up toward the top trendline of the parallel channel. Meanwhile, the token’s momentum has been greatly damaged by the persistently gloomy market, as ADA has been under bearish pressure as a result of new selloffs.

Cardano’s market cap has grown by 0.21% during the past day, and its current estimated price is $0.3121. The trade volume has decreased by 25.90% during intraday trading. This shows that buyers are entering the market to push the token up toward the upper trendline of the parallel channel.

The daily price chart of the ADA cryptocurrency shows a fall in momentum, according to Cardano price forecast. ADA crypto must exit the present falling pattern in order to prevent sharply plunging below the parallel channel. In order for the price of the ADA coin to move toward the upper trendline, the volume change, which is below average, must be significant. Even though the ADA cryptocurrency is trading around the 20 EMA, it is still below the 50, 100, and 200-day DMAs.

The Cardano price must cross the top trendline of the rising parallel channel. Since the MACD is poised to cross over to the upside, technical indicators suggest that ADA is likely to surge.

The upward momentum of the ADA cryptocurrency is shown by the relative strength indicator. The RSI is edging closer to neutrality at 43.36. The MACD shows the increasing velocity of the ADA coin. Upward crossing between the MACD line and the signal line is expected to happen.

Conclusion

Cardano price forecast is demonstrated by the token’s declining velocity along a parallel descending channel on the daily chart of the cryptocurrency. The ADA cryptocurrency has to attract more customers if it is to rise to the higher level. The RSI is edging closer to neutrality at 43.36. The MACD shows the increasing velocity of the ADA coin. Upward crossing between the MACD line and the signal line is expected to happen.Since the MACD is poised to cross over to the upside, technical indicators suggest that ADA is likely to surge.

Technical Levels

Support Level: $0.30 and $0.28

Resistance Level $0.34 and $0.40

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.  

Source: https://www.thecoinrepublic.com/2022/12/15/cardano-price-prediction-inside-the-declining-parallel-channel-ada-persisted-in-consolidation/

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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.


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