Cardano seems poised for more downside correction. This crypto keeps retracing lower price levels, nevertheless, we can be sure that a downtrend doesn’t continue forever. There will always be a turning point of some magnitude. Therefore, we must analyze signs of such a turning point in this market.
ADA Forecast Statistics Data:
ADA current price: $0.4396
ADA market cap: $15 billion
ADA circulating supply: 33.75 billion
ADA total supply: 34.28 billion
ADA Coinmarketcap ranking: #8
That said in this analysis, we’ll analyze the ADA/USD and ADA/BTC. This will be done to deduce possible market movements and as well prescribe useful moves in such a market as this.
Resistance levels: $0.4420, $0.4396, $0.4330
Support levels: $0.4633, $0.4808, $0.4848
Cardano Recording Significant Loses, Tamadoge Prepares For a Great Start
After the Initial ADA/USD downside trend which started on the 15th of this month, price retraced to support around $0.45000. Subsequently, there was a minimal upside correction till around the 25th of this month. Nevertheless, selling pressure resumed and the support of $0.4500 was broken.
Further signs on this chart indicate more bearishness in this market. Looking at the MACD indicator, we can see that the curves of this Indicator are plunging downward still. Also, the EMA is still above the price action. Nevertheless, we may anticipate that an upward bounce will soon happen traders may anticipate a $0.4400 before placing a buy order.
Cardano Price Forecast: ADA/BTC Stays Consistently Bearish
Even against Bitcoin, Cardano maintains a bearish market. Here the 7 and 14 days EMA stays above the value activity. However, at this point, value action may have found strong support at 0.00002133, as value candles have tested this support twice without breaking. Consequently, we may experience an upward move from this support as the value may bounce from this support.
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Also, the RSI has already arrived at the highly sold zone. Consequently, traders would have anticipated this support, and buying pressure may resume from here. When this happens, the bulls would have become exhausted and the value may rally significantly. Traders can set a pending buy order at 0.00002183. This may ensure that catch the uptrend early enough.
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