- Cardano price expected to fall to $1.00 before crashing to $0.800
- ADA faces resistance in climbing above a $1.20
- The closest support level lies at $1.10 and further below at $1.030
Cardano price finally found support at the $1.030 mark after falling from the 1.250 price level. The buyers tried to initiate a bullish reversal attempting a recovery back to the $1.20 mark. However, the price action was rejected at the $1.190 mark and fell back to the $1.150 mark where it currently trades.
The broader cryptocurrency market also records a negative market sentiment across the last 24 hours as most major cryptocurrencies record bearish movements across the period.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD is deep into the bearish zone as represented by the tall red histogram. However, the indicator is suggesting a bullish turnover in recent hours as observed in the light red histogram. The two EMAs are both low but the 12-EMA shows horizontal movement in recent hours as the Cardano price action finds support at the $1.050 mark.
The RSI is neutral and hangs close to the 50.00 mark. The indicator was moving downwards until early morning today as the indicator appeared to be heading towards the oversold territory. However, the indicator recovered to 48.54 before falling once again. Currently, the indicator is headed downwards as the price faces strong bearish pressure.
The Bollinger Bands are currently moving downwards but remain narrow as the Cardano price oscillates below the $1.200 mark. However, with the recent rejection at $1.190, the bands might diverge sharply as the price falls below the support of $1.10.
Overall, the 4-hour technical analysis issues a strong sell signal with 13 of the 26 major technical indicators suggesting a downwards price movement across the timeframe. On the other hand, only four indicators suggest an upwards price movement while the remaining nine indicators sit on the fence and issue no signals supporting either side of the market.
The 24-hour technical analysis contradicts this sentiment and issues a buy signal as the majority leans towards a bullish price action. Furthermore, the signal is not weak as 12 indicators suggest support for an upwards price movement across the timeframe against four suggesting a bearish retracement from the level.
The contradiction between the two technical analyses highlights the lack of momentum towards either side. This suggests that the markets are speculating as traders look for institutions and high-profile investors to make moves or the cryptocurrency market starts moving again.
What to expect from Cardano price?
Traders should expect Cardano price to fall back to the $1.10 support level, before heading further downwards. ADA should find support at the $1.00 mark, however, the bearish pressure is expected to continue till the price falls to $0.800 before the price action can make a recovery.
Conversely, if Chainlink price holds the $1.10 support level, ADA may rise again to challenge the $1.20 resistance. However, the lack of momentum would only result in another rejection and the price action would continue consolidating at the price level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.