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Cardano Price Prediction: ADA/USD Keeps Following the Bearish Movement

Cardano Price Prediction: ADA/USD Keeps Following the Bearish Movement
Cardano Price Prediction: ADA/USD Keeps Following the Bearish Movement

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The Cardano price prediction needs to stage a meaningful short-term rally, if not; the cryptocurrency may see a worrying decline.

Cardano Prediction Statistics Data:

  • Cardano price now – $0.43
  • Cardano market cap – $14.7 billion
  • Cardano circulating supply – 34.2 billion
  • Cardano total supply – 34.9 billion
  • Cardano Coinmarketcap ranking – #8

ADA/USD Market

Key Levels:

Resistance levels: $0.52, $0.54, $0.56

Support levels: $0.37, $0.35, $0.33

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ADA/USD is seen breaking many supports after a bullish rally failed to come to play. The early daily rally towards the 9-day moving average failed to generate sustainable gains to the upside. Meanwhile, the longer that this coin fails to rally from current trading levels, the greater the chance that traders may see the cryptocurrency falling to a new trading low.

Cardano Price Prediction: Cardano (ADA) May Touch the $0.40 Support

The Cardano price may remain below the 9-day and 21-day moving averages. However, a break below the $0.40 support level may likely provoke a dip fall towards the support levels at $0.37, $0.35, and $0.33. Moreover, the technical indicator Relative Strength Index (14) is moving to cross below the 40-level, suggesting a bearish movement for the market.

Nevertheless, the daily chart reveals that buyers may need to energize the market by breaking above the moving averages. However, any further bullish movements above the upper boundary of the channel could locate the resistance levels of $0.52, $0.54, and $0.56, and a move above these levels may encourage further Cardano buying.

Against Bitcoin, ADA is consolidating below the 9-day and 21-day moving averages and it is likely for the coin to follow the upward movement if the bulls push it to the upside. Looking at the technical indicator, the Relative Strength Index (14) is moving in the same direction above the 40-level.

ADABTC – Daily Chart

Meanwhile, if the coin continues to move near the lower boundary of the channel, it could hit the support at 2000 SAT and below, which could establish a new low for the market. On the contrary, the resistance level could be found at 2500 SAT and above should the bulls push the coin above the moving averages.

View the latest ADA price on CoinCodex.

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