Logo
Cardano Ecosystem

Coinpedia

12/16/2022

·

240 views


Cardano(ADA) Price Flashes Bullish Signals, This is How it May Reach $1 in 2023!

The Cardano price with the fresh bearish action dropped below the crucial support that it held for nearly a month. Even though the volume remained relatively low, the bears managed to drag the price below the...

Cardano(ADA) Price Flashes Bullish Signals, This is How it May Reach $1 in 2023!
ADA price

The Cardano price with the fresh bearish action dropped below the crucial support that it held for nearly a month. Even though the volume remained relatively low, the bears managed to drag the price below the crucial levels. However, a more negative impulse is all set to mount on the price due to which, the ADA price may form new lows before the end of 2022. 

ADA price previously broke from the initial support levels at $0.45 and by slicing through the current support at $0.3, the token has formed a bearish pattern On a daily chart, the Bollinger bands have broken after being compressed for some time, the MACD is flashing possibility of a bearish cross-over while RSI has hit the lower support. 

Despite huge bearish clouds hovering over the ADA price, the token is believed to surge any time from now. 

As displayed in the above chart, the ADA price is trading within a falling wedge that began at the start of 2022. Moreover, the price has already reached the lower support and hence a rebound appears to be imminent. With a rebound, the ADA price is believed to reclaim its lost levels above $0.3 initially and later elevate to test the upper resistance zone between $0.55 to $0.59. This could be considered as a trend reversal zone if flipped could lay down a significant upswing ahead. 

Currently, the entire cryptospace appears to be pretty uncertain as the support majority of the assets are failing to underpin their support levels. With the bearish close for the day, an upswing may trigger a firm recovery toward the upper resistance until the weekend.

Was this writing helpful?

No Yes

Photo of Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Back to top button

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Coinpedia

ORIGINAL SOURCE

https://coinpedia.org/price-analysis/car...

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.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Coinpedia

See more
Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?
Coinpedia
Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?

11/23/2024

·

273 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)