Cardano price prediction: ADA rejected at $1.30, what’s next?
Summary of the situation
The price of Cardano is expected to fall to $1.
ADA is experiencing resistance at 1.20 and above at 1.30.
The closest support is at 1.15.
After finally breaking through the $1.5 barrier, the price of Cardano failed to continue its upward movement and fell just below $1.2. Although the price currently remains just below $1.2, the downward pressure is very strong and the price could fall further in the near term if the sale continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were XRP Ripple and BNB, which recorded declines of -14.38% and -3.88%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of -2.67% and -5.05%, respectively.
Technical indicators for ADA/USDT
Of all the technical indicators, the MACD is showing bearish momentum, as shown in the light red histogram. It has remained bearish for the past four days and the indicator has fallen below -0.0300. The 26-day EMA is above the 12-day EMA, while both EMAs are falling.
The RSI is currently in the neutral zone just above the 45.00 mark and is not giving any signals. The indicator has been in the neutral zone for the past five days. At press time, the RSI has returned slightly to the overbought zone, suggesting buyers are fighting back.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of bands indicates increased volatility in Cardano’s price. Meanwhile, if price consolidates above the midline of the bars, it will have an uptrend for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 15 of the 26 major technical indicators pointing to a downward move. On the other hand, there is only one indicator that gives a buy signal, indicating an upward correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis shares this view and gives a weak sell signal. 11 of the 26 indicators point to a bearish movement, while only five point to a bullish correction. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What can we expect from the Cardano Prize?
Traders should expect Cardano’s price to fall further as it approaches the $1.00 support level. Negative technical indicators and bearish medium-term technical analysis point to a sideways move towards $1.00 before price can start a new trend.
Conversely, if Cardano’s price can rise above $1.30, ADA will return to retest $1.40. However, given the lack of bullish momentum, this is unlikely to happen in the coming days.
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