Cardano Price Stands at The Brink of Major Breakout, Need Accumulation - BitcoinEthereumNews.com

• Cardano price is at a yearly low.
• Technical indicators suggest uncertainty in ADA price.
• The market capitalization declined by 2.44% to $10.47 billion in the last 24 hours.

Cardano price is down today as the bulls failed to keep the crypto in the green zone last night. Despite two consecutive days of selling, ADA valuation is trading inside the December 13 bullish candle (up 2.38%). Moving velocity is looking weak as compared to the last two days but if ADA slips through the support level it could cause further downside.

Cardano price is looking very close to its yearly low at $0.2953. Buyers often manage to reverse the trend above this level but bears are also active here. If the price of the crypto breaks below this level then anything can happen next. Below the yearly low, $0.260 could act as the next support according to the pivot points.

The selling on rise price technique keeps pressure on ADA crypto. At the time, Cardano price was trading at $0.3046 mark against the USDT pair. Today, ADA is down 1.07% so far. Thus, market capitalization dropped 2.44% at $10.47 Billion in the last 24 hours. 

The $0.30 level is vital support, conversely, bears dominate ADA price at $0.32 resistance level. 

Trading Volume Increase Close to Bottom Level

Over the daily price chart, Cardano price is remaining below the significant exponential moving average. Meanwhile, the 20 EMA (green) stood to be an immediate bullish hurdle for the past several weeks. 

Trading volume is increasing as of now, when bears drag Cardano price down. Last night, volume dropped 30%, reported at $229.4 Million. Furthermore, the RSI indicator is breaking down the sideways range and its peak heads towards the oversold zone. 

Conclusion 

Cardano price is marching closer to its latest annual low. Breakdown may bring another downtrend opportunity for sellers ahead. Notably the $0.260 may act as a next support level if ADA moves lower. 

Technical Levels

Support level – $0.30

Resistance level – $0.35 and $0.45

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.

Source: https://www.thecoinrepublic.com/2022/12/15/cardano-price-stands-at-the-brink-of-major-breakout-need-accumulation/