- Cardano price expected to observe sideways movement at the current price level.
- ADA faces resistance in crossing above the $1.50 mark.
- The closest support level lies at $1.40 and further below at $1.350.
Cardano price action has failed to break above the $1.50 mark, and ADA has fallen back to the $1.40 mark. While the price currently holds above the support level at $1.40, the bearish pressure is very strong, and the price may fall further if the selling continues.
Across the broader cryptocurrency market, the last week has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and XRP that record a 31.56 and a 67.81 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 9.01 and an 18.98 percent hike.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb back above the $1.450 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI broke out of the neutral region on the 13th of April but has since dropped back into the neutral zone. The indicator currently trades below the 62.00 mark and moves downwards, suggesting a bearish presence at the current price level. However, the RSI trades with a low slope suggesting low bearish momentum as the buyers appear to be fighting back.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Cardano price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal suggesting a bearish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only four indicators suggesting a bearish retracement. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Cardano price?
Traders should expect Cardano price action to consolidate at the current price level for the next few days before attempting to make a breakout above. The mid-term technical analyses remain bullish and suggest an upwards breakout from the consolidation. As such, Cardano price can be expected to rise to the $1.550 mark in the next few days.
Conversely, if the buyers fail to hold the $1.40 support level, the Cardano price may fall to the $.1350 mark before stabilizing. Further downwards movement may mean a fall to the $1.260 mark.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.