Price Analysis

Cardano Price Records Bearish Signals! ADA Price To Retest $0.41?

The market leader, BTC price, fails to hold its value above the $62K mark, highlighting a weak bullpower in the crypto space. Moreover, top altcoins record a similar trend with ETH price constantly struggling to hold its price above the $3,000 mark.

On the other hand, the Cardano (ADA) price has displayed a jump of approximately 5% within the past day and 4.34% over the past seven days, indicating a rising bullish influence for the altcoin in the market.  

Cardano Token Displays A Mixed Sentiment:

The ADA price displayed a bearish price action for the first month by recording a correction of approximately 22% in valuation. Following this, the bulls regained momentum, the Cardano token jumped 67.24% and recorded a yearly high of $0.7750 by mid-March. 

TradingView: ADA/USDT

However, as the volatility increased the bulls lost momentum and started trading under a negative influence and recorded a correction of 46.19% in its portfolio. Since then, the Cardano token has been trading in a closed range between $0.4170 and $0.4950.

Negatively, the Cross EMA 50/200-day displays a high possibility of a Death Cross in the 1D time frame, highlighting a potential bearish price action in the coming time.

On the other hand, the technical indicator, MACD, displays a constant green histogram, indicating a bullish influence in the crypto space. Moreover, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.

Will ADA Go Up?

If the bulls regain momentum, the price will test its resistance level of $0.4950. Maintaining the price at that level will set the stage for the ADA coin price to test its upper resistance level of $0.5690 in the coming time.

Conversely, if the bears overpowered the bulls, the price would plunge toward its crucial support level of $0.4170 this month.

SOURCE

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