Cardano Price Prediction: Is a Big Move Coming for ADA?
This #Cardano price prediction comes after $ADA has shown a subtle but crucial pattern in its price movements. Over the past 24 hours, the closing prices for ADA have fluctuated. They also suggest a mild consolidation phase as the market searches for direction.
ADA’s 9 Exponential Moving Average (EMA) on the 4-hour chart has gently decreased from $0.4628 to $0.4613, indicating a bearish tone as it trades below the 20 EMA, which similarly declined from $0.4683 to $0.4657. This gap between the 9 EMA and the 20 EMA further supports a bearish outlook in the short term.
The Moving Average Convergence Divergence (MACD) analysis reveals a consistent negative histogram, meaning the MACD line remains below the signal line. Recent values include a MACD of -0.00507 compared to a signal of -0.00497, reinforcing the bearish sentiment. This indicator suggests that the downward momentum, although slowing, persists.
Meanwhile, the Relative Strength Index (RSI) for ADA has been below the 50 mark, predominantly indicating a bearish momentum with recent readings showing a slight uptick from 37.36 to 41.28 before settling back to 37.71.
Looking at potential support and resistance levels, #ADA is currently testing key support at $0.4567. A break below this could see the price move towards the next support at $0.4556 and potentially $0.455. On the upside, resistance levels are observed at $0.4643, $0.4658, and $0.4667. A push above these could indicate a shift to a bullish scenario, providing an opportunity for buyers. #altcoins #BullorBear #TrendingPredictions
The full analysis and trade strategy were originally posted on ecoinimist.com.