Bad news for Cardano (ADA), price dips below $1, is the bullish move over?

Cardano has been on a tough streak since setting a local high at $1.2, with the price persisting on a plummeting decline over the past few days.

Today, the price of ADA broke through the $1 mark, a psychological level that failed to serve as support (the daily candle has yet to close below it – watch out). In the future, the next key support levels for ADA will be at $0.91 and $0.78.

Key Resistance Levels: $1, $1.2

Chart by TradingView

Technical indicators

Trading volume: Increasing volume while the price is falling is a very bearish signal. Buyers disappeared from the market.

IRS : The daily RSI has plenty of room to fall as it has not yet reached the oversold zone (below 30 points). This indicator also made lower highs and lower lows, placing the trend firmly on the bearish side.

MACD : The daily MACD is bearish and turned negative last week, giving many warning signs ahead of the start of the recession. The histogram remains bearish and continues to make lows.

Chart by TradingView

Bias

The bias for ADA is bearish .

Short term prediction for ADA price

ADA does not seem unable to stop the selling pressurein line with the general bearish sentiment. Expect its price to quickly reach key support at $0.91, but this is unlikely to stop the bears if they continue the current momentum. A more likely candidate to stop this downtrend is the support at $0.78.

Cardano Price Prediction by Experts

Investor Cube experts predict that ADA is ready for a big break in their Cardano forecast. They say the main support and resistance levels to watch at the moment are $1.002 and $1.68. The price of cryptos also has a bullish outlook, predicting that ADA can reach a maximum price of up to $3.97.

Will Cardano reach $20 and $100?

Technically, anything is possible, and there is certainly at least one Cardano price prediction that says $100 will be the minimum price for the coin over the next five years, not the unattainable maximum price.

In reality, however, it is highly unlikely that the price of ADA will ever rise that high. If Cardano’s price reached $20 with everything else unchanged, it could have overtaken Bitcoin by market capitalization. And even the most optimistic Cardano price predictions will never predict something like this. For ADA to reach such high numbers, either the entire market will need to experience an astronomical increase like we have never seen before, or the coin itself will need to get a one-way ticket to the moon by being officially recognized. as currency by an economically powerful country like the United States or China.

💎 Find the best Gems with our Free Guide!

Learn how to analyze cryptos like a pro, avoiding Red Flags and Scams, to start or continue your adventure in the world of cryptocurrency.

Leave a Comment