- The price of Cardano is expected to fall below $1.20 support if the sale goes through.
- The next support level is at $1.20 and below that at $1.10.
- ADA is facing resistance at $1.30.
Cardano price was deflected for the second time from the $1.30 price level as the bulls failed to break out above the resistance level. Since then, bearish sentiment has increased and selling pressure has increased. Currently, ADA appears to remain above the $1.20 support level, but further downward movement is likely if the selloff persists.
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 Ripple XRP and BNB, which fell by 6.76% and 6.28% respectively. At the same time, several cryptocurrencies such as Ethereum, Solana and Uniswap have seen bullish momentum.
Technical indicators for ADA/USDT
Technical indicators for ADA/USDT from Tradingview
According to all technical indicators, the MACD is bullish, but it shows little bullish momentum, as shown in the small green histogram. The light green histogram shows a decrease in upward momentum as the two EMAs converge. While both EMAs are currently rising, the 26-EMA is overtaking the 12-EMA in the last few hours.
The RSI declined on the 18th. The pair entered oversold territory in April, but quickly climbed back into neutral territory. Since then, the indicator has remained in neutral territory and is trading below the 50.00 level. The RSI position leaves room for strong movement in both directions. However, the indicator is currently trading with a slight slope, indicating a lack of momentum on both sides of the market.
The Bollinger Bands are currently tight and showing increasing convergence, while the ADA continues to hover around the $1.20 level. The price is currently trading below the indicator’s median line, indicating strong downward pressure. The Bollinger Bands are currently converging, indicating low volatility in Cardano’s price in the near term.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 14 of the 26 major technical indicators supporting a downward price movement in this time frame. On the other hand, there are only two indicators that are giving bullish support signals in the short term. Ten indicators are at low levels and are not giving signals at this stage.
The 24-hour technical analysis shares this view and also gives a sell signal with 11 indicators suggesting a downward move versus 6 indicating an upward move. At the same time, nine indicators are not giving signals that support either side of the market.
What can we expect from the Cardano Prize?
4-hour price chart with Tradingview
Traders should expect Cardano’s price to drop to the $1.10 level if the sale goes through. Negative technical indicators and downward technical analysis support this statement. The price could drop to the psychological level of $1.00 if the sale continues.
Conversely, if buyers are able to defend the $1.20 support level, the price of Cardano will move back towards the $1.30 resistance level. However, a lack of momentum would mean another failure and the ADA would continue to consolidate at this level.
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