Cardano (ADA) Price Prediction: ADA Holds Near Critical $1.0 level

Cardano’s (ADA) price extends the previous session’s losses on Thursday, trading with more than 2% losses. The price opened higher but the rally fizzled out quickly and the price hovered near the session’s low. Investors seek some catalyst to take a U-turn from the current levels as it forms a reliable support level.

Cardano’s (ADA) price manages to hold a critical $1.0 level.
An upside is essential to avoid the bearish sentiment.
A decisive close below $1.0 could elevate the downside risk.

In the latest update, Cardano records a significant increase in on-chain activity with new addresses rising by 167%. As per a prominent crypto analyst, the sustained growth of the metric usually precedes a spike in price volatility for ADA.

Furthermore, a leading decentralized exchange SundaeSwap on the Cardano blockchain has surpassed 100 million ADA in total trading volume.

On the daily chart, Cardano (ADA) price has been in the long-term downward price trend from an all-time high made on September 2. Currently, ADA price is consolidating after retesting the critical support zone at $1.05. But to make a trend reversal ADA must break away the bearish slopping line at $1.12.

Source: Trading View

Further, if the bulls can push Cardano’s price to a close at or above $1.25, ADA will then aim for the psychological $1.50 level.

Alternatively, the downside risk remains for the pair below the $1.0 level. A daily close below the mentioned level could trigger a fresh round of selling while aiming for the fresh low level.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) holds at 42 with bearish bias signaling downside risk remains intact.

MACD: The Moving Average Convergence Divergence (MACD) reads below the midline.

Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
Disclaimer
Crypto Stories
View all

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.