• 28 May, 2024
News

Cardano Price Set to Break Past $0.2815 Resistance

The Cardano (ADA) price is moving downwards today, with a bearish trend. The crypto has been trading within a tight range since the beginning of April, but recently it has broken out of that pattern to head southwards. At the time of writing, ADA/USD is trading at $0.2554 (-2%) and has a market capitalization of $8.9 billion.

The two key levels to watch are $0.2815 (resistance) and $0.2492 (support). Should Cardano break resistance, it could regain its previous highs of $0.2700 while a breakdown below support could push ADA/USD towards $0.2400.

What does technicals suggest about ADA?

On the technical side, Cardano’s 14-day Relative Strength Index (RSI) is currently at 42 levels and looks ready to break out of the bearish territory. This suggests that prices could be heading upward soon if buyers start accumulating ADA tokens again.

Source: Tradingview

The SMA 20 indicator suggests that prices could be heading toward $0.2615, while the SMA 50 and 200 indicators suggest a bearish trend in the near term. Overall, it looks like Cardano is currently in a state of consolidation with no clear direction in sight yet. For now, traders should keep an eye on support and resistance levels to see where Cardano is likely to head next.

The MACD also points towards a potential bullish crossover soon, and if this occurs, then Cardano prices could see an increase. The MACD line (blue) is currently below the signal line (red), indicating that prices might move northwards over the next few days.

Overall, Cardano’s price analysis looks bearish right now with some signs of a potential bullish crossover soon. Traders should watch out for any signs of a breakout or breakdown from the current levels, as it could be an indication of where prices will move next.

Ultimately, traders should be aware that Cardano is still in a bearish trend and any sudden movements could either increase or decrease its current price. As such, traders should exercise caution when trading ADA tokens and use appropriate risk management strategies.

Conclusion

Cardano’s price analysis looks bearish today as its trading within a tight range and bears are in control of the market. Although there are signs of a potential bullish crossover, traders should wait for confirmation before jumping in. The key levels to watch for ADA/USD are $0.2615 (resistance) and $0.2492 (support). Should these levels be breached, traders should watch out for signs of a breakout or breakdown.

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