Cardano ADA Trades Below The $0.41 Mark, Will It Break The Barriers?
26 Abril 2023 - 11:40AM
NEWSBTC
Cardano (ADA) coin has captured the interest of investors and
holders with its recent price drop below the $0.40 mark on April
25. This notable price dip left everyone wondering if Cardano (ADA)
will break this barrier, which has proven significant in recent
trading sessions. However, today April 26, the general market is
recovering as the global market cap gained over a 4.5% increase in
24 hours. The marker-wide rally has pushed ADA back to the $0.40
mark with a massive gain of 6.93% in 24 hours. Related Reading:
Solana (SOL) Plunges Over 13% – Will It Bounce Back? The ADA price
has been trending downward for the past 7 days, and the coin is
finally gaining momentum. Only time will tell if Cardano ADA can
surpass the $0.41 resistance level and trade above it in the coming
days. ADA Price Trend The recent price fluctuation in the
crypto market harmed Cardano (ADA)’s price, causing a significant
loss in its market capitalization. The Cardano market cap is
currently at $13.9 billion with a $267 million 24-hour trading
volume. According to CoinMarketCap data, Cardano (ADA) is now the
seventh biggest cryptocurrency. Cardano’s price drop yesterday,
April 25, may have been caused by several variables, such as market
sentiment generally and shifts in investor perceptions. Also, the
fluctuations in trading volume, regulatory announcements, or market
news that impacted the cryptocurrency market may have played a huge
role too. The chart below shows the potential support and
resistance levels for Cardano (ADA) in 2023. While buyers are
trying to build a bullish momentum, ADA is still found at the $0.40
zone and might break the support zone of $0.38 if the sellers
increase the selling pressure. Related Reading: Solana (SOL)
Rebounding After A Major Drop, Will It Recover Previous Losses? The
$0.38 level of support has maintained steady during the retest
earlier this week and can act as a driving force for a higher
valuation. Cardano’s price may surpass its resistance level of
$0.42 if the bulls completely control the market. On the other
hand, if bears take control of the trend, ADA’s price could fall
below $0.30 and might hit $0.2777 Cardano (ADA) Price Prediction
The Simple Moving Average (SMA) indicates a potential trend
reversal as the 50-day SMA changes directions. The 50-day SMA is
trying to cross below the 200, forming a death cross. This action
may generate a bearish signal and indicate a potential selling
opportunity. The Relative Strength Index (RSI) is above the neutral
level and is heading toward the overbought zone, which might ignite
a potential price correction. The MACD line is above the
signal line, indicating a potential buy opportunity. The histogram
is slightly above the zero line and is also increasing in size;
this means bullish momentum. Featured image from Pixabay and chart
from Tradingview.com
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