- Cardano price prediction turns pessimistic as bearish concerns grow
- ADA/USD struggles to regain $1.350 level as downfall risks grow exponentially
- Cardano is consolidating below $1.30 as volumes fade away
- The 55-day simple moving average at $1.30 supports the price action
- Bears may take over and push the price below $1.100 support level.
The downfall in Cardano price may turn grave as the pair struggles to hold the $1.30 level. At the time of writing, the ADA/USD pair is stagnant at the $1.272 level. The downward bias is strong, and the bears are pushing the pair near the $$1.100 support level in a bid to turn daily Cardano price prediction negative.
Cardano’s price is fast moving towards a $1.20 support level amid contracting Bollinger Bands. The last week’s bullish momentum is all but gone on the hourly charts. The fall is similar to Bitcoin‘s correction as the broader crypto market faces a neutral week.
The slight bounce back is nothing but a ‘Dead Cat’s bounce’ after the sharp downfall that saw the prices touching $1.216 low. During the last weekend, the price began to show signs of weakness, and in the previous four days, the price has crashed by around 34 percent. The overall Cardano market capitalization is also hovering near $40 billion.
Cardano price movement in the last 24 hours: Bears push past key support levels
Even as the Cardano price struggles to move beyond the $1.30 level, the bears are pushing the price near fresh lows. The hourly technical charts are now recovering from the earlier meltdown as per Cardano price prediction. The sharp rise in early April was due to Coinbase public issue, USA inflation numbers, and the current Cardano network improvements. However, the joy was short-lived as the bullish Cardano price prediction is under threat.
The broader crypto market is still digesting the news about the increase in US inflation numbers. The US Federal Reserve will undertake easy monetary policy, which means that more liquidity in the markets. Additionally, the news about Cardano embracing the smart contracts in the network has also given some positive sentiment to the market. Whether the move will help Cardano touch the DeFi market more effectively remains to be seen.
The current price action can be termed as a relief rally after the downfall according to Cardano price prediction. The sharp fall has wiped out some gains made in the past week and threatens to derail the uptrend on the daily charts.
ADA/USD 4-hour chart: Relief rally unlikely to turn into a bull run
The consolidation in the ADA/USD is showing signs of another impending downturn. The increase in the ‘Average True Range’ (ATR) reveals that volatility is rising. The 25-day moving average at $1.2500 is supporting the price.
The RSI is at 50 and reflects the neutral bias of the traders as it moves to the oversold region. The MACD is in negative territory, but surprisingly there is a cross with an upward slope. This is perhaps the only positive signal in a sea of negative technical indicators. The overall Cardano price prediction is pessimistic as the bears, and the bulls struggle with gaining the upper hand. Crucial resistance levels to watch out for are $1.3500 and then at $1.5545.
Cardano’s price action has been range-bound in response to the recent downfall. The surge that began in early February is now experiencing consolidation, which is a positive sign for a mature asset. The uptrend is followed by appropriate consolidation. However, in the larger context, the current price drop is nominal, and the ADA/USD is still bullish on the daily timeframe.
Cardano price prediction conclusion: ADA faces steep uphill journey ahead
After surging for more than a month, the Cardano price prediction is now in a consolidation phase. It remains to be seen how low the bears can push the ADA price in their quest to stall the bull run. Some of the downfalls can be attributed to profit-booking as the pair was in a prolonged bull run.
In terms of recovery, the pair will find resistance at $1.35, where bears will try to resume the selling pressure. The ADA price will witness significant resistance at $1.500, and this level will be critical to the resumption of the long-term bull run. Technical indicators are presenting a mixed picture, but the short-term bias remains on the downside.
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