The ADA technical analysis shows a short-term slump despite low demand among traders due to uncertainty in the market with RSI going sideways.
the day after the four-hour chart produced a bearish candle. As ADA goes north of its support around $0.3000, resistance at $0.3500 is anticipated to come in assistance.
In the last eight hours, Cardano price analysis has shifted downward as coin value has continuously declined. Today's session started on a positive note at $0.3378 and shortly fell to $0.3332.
However, the price movement rallied back to reach resistance around $0.3450, but it was unable to hold the $0.3400 mark. Nonetheless, the daily chart shows an uptrend with several low-price rejection candles.
Cardano's price is now trading below $0.4000 per US dollar, comparable to bitcoin. If the ADA price breaks through the $0.3150 support, it may gather bearish momentum. This week, the cardano price was rejected against the US dollar at the $0.3800 level. The ADA/USD pair reached a high at $0.3793 before beginning a new fall.
The price fell sharply below the $0.3650 and $0.3500 support levels. The price even fell below the $0.3200 support level. The price has corrected upward after forming a low at $0.3100.
The price rose slightly over the $0.3200 barrier level. Furthermore, on the 4-hours chart, there was a break above a key bearish trend line with resistance above $0.3200.
ADA is now trading below to $0.3400 and the 50 hourly simple moving average. If the pair breaks past the $0.3300 support level, a panic selling may start.
On the upside, an immediate barrier is located at $0.3600 and it is close to the 38.20% Fib retracement level of the decline from the $0.4378 swing high to the $0.3100 low. The first significant barrier is at $0.3800, over which the price may recover. The next significant barrier is approaching $0.4000. A strong break over $0.4000 might push the price towards the $0.4200 barrier and it is close to the 78.60% Fib retracement level of the decline from the $0.4378 swing high to the $0.3100 low.
On the downside, the $0.3300 level provides immediate support. The next important support is around the $0.3100 level, below which the price may fall to the $0.3000 level. If ADA fails to maintain the $0.3000 level, the primary support is at $0.2800. Any more losses may trigger a test of the $0.2500 level.
According to Price Analysis, the market capitalization of this ADA is expected to be $11,505,776,314. The coin's 24-hour trading volume is nearly $289,763,988. The market capitalization of ADA has fallen by 1.68%. However, trading volume decreased by 17.52% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $0.3450-$0.3600
SUPPORT LEVEL : $0.3200-$0.3000
ADA coin is trading in a symmetric triangle pattern from November 9th. Will ADA break through the $0.3500 resistance level, or will it go back to the $0.3000 level? Please share your thoughts.
