Cardano Price Prediction: Will Fresh 52-Weeks Low Attract Sellers for More Sell-off?

• Cardano price breaks a wide horizontal range in the intraday trading session.
• The 20 day exponential moving average acts as an immediate resistance level.
• The market cap of Cardano (ADA) fell by 4.26% to $13.66 billion in the last 24 hours.

No one was able to sustain Cardano price (ADA) above the support level. After a hard struggle, the bulls failed to reverse the downtrend of ADA crypto, thus the price slipped below the support level and noted a new annual low of $0.3837 in the intraday trading session on 11 October 2022.

Investors are dissatisfied as a result of the cryptocurrency market’s uncertainties following the meltdown. Because of the present market situation, people are hesitant to hold Cardano. Cardano prices are unlikely to climb this week.

On the daily time period, the price activity of ADA Crypto is developing a low-high pattern. Cardano’s price has been declining since mid-August. As a result, ADA prices underperformed below the trendline’s downward slope (above the chart). Although bulls attempt to acquire the currency above the weekly low, this purchasing power is insufficient to reverse the trend.

Bears became more aggressive after breakdown today. The Cardano price prediction displays more sell-off in values after observing this territory. Meanwhile,  the ADA coin price against the USDT pair is trading in red at $0.3995 mark at press time. Similarly the Cardano price belonging to the Bitcoin pair is down 3.36$% at 0.00002081 Satoshis. 

Due to sell-off, Market cap of Cardano (ADA) fell 4.26% in the last 24 hours at $13.66 Billion. However, trading volume increased 74% in the last 24 hours at $662.6 Million in the last 24 hours. Selling occurs because the 20 day exponential moving average acts as an immediate resistance level. 

RSI Reached in Oversold Zone

On the daily price chart, the RSI indicator is declining in oversold territory today. Similarly, the MACD indicator continues to move downwards in the negative zone. Both technical indicators are showing further weakness in the Cardano price prediction.

Conclusion

Today is the biggest day for the market sellers as Cardano Price (ADA) registered its latest annual low of $0.3837. Meanwhile, both technical indicators, RSI and MACD, are showing further weakness in the Cardano price prediction. If the asset moves lower then $0.30 will be the next stop.

Support level – $0.3 and $0.10

Resistance level – $0.6 and $0.7

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.