Cardano(ADA) faces a bearish trend with indicators revealing a new corrective phase. The popular proof-of-stake (POS) coin is facing mixed reviews by analysts but the price is shying to hit $0.47 or $5 again.
Dropping over 22% in the past month, ADA has already hovered around the crucial support level of 0.457, a correction from here will invalidate any bullish bias. The Accumulation ratio can be seen decreasing in recent 4-hour candles.
The Liquidation ratio of ADA shows slightly increased long-term points it the VMWA( Volume waited moving average) is at 0.46 is also a concern.A balance or decrease can lead to a retracement.
Cardano Price Prediction
ADA is currently trading at 0.455 with 24-hour growth of -0.83% and a trading volume of 328 million. With a market cap of 16.3 Billion USD, the crypto sloped to 10th rank on Coinpedia Markets.
Technical analysis from Coinpedia Markets indicates a bearish sentiment. Volatility ranges high at 4.29% and closes at only 12 green days in 30 days. RSI at 25.73 is a clear sell indicator with only the long-term 50-day and 200-day SMA Cross showing a bullish trend.
The trader can also find the drop as an entry point anywhere in the range near $0,4. The Coin’s historical downtrend has followed a similar pattern and has exploded very high.
A prediction plotted for 2024 looks like Cardano (ADA) will range between $0.42 to $0.5, a best choice for Swing traders with prices consolidating majorly sideways.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
