TL;DR Breakdown
- Cardano price expected to fall to $0.250 level
- Current support lies at $0.290 level
- Price faces resistance in closing above the $0.300 level
Cardano (ADA) price has ended its bullish rally, and the price seems to be in a state of decay as the bulls fail to muster momentum. Today the Cardano price tried to climb towards yesterday’s highest levels of $0.350 but failed to climb above the $0.310 level.
The broader cryptocurrency market sentiment remains bullish as Bitcoin, the king of the market, continues climbing upwards. Bitcoin has crossed above the $40,000 level recording a new al time high. However, many cryptocurrencies have observed losses across the last 24-hours.
Cardano price overview: Cardano price across the last ten days
Cardano price started the year with little volatility as the markets observed little activity from both sides. The price remained consolidated at the $0.1750 level until January 3, when the price crossed above the $0.200 level. The bullish momentum seemed to be short-lived as ADA did not continue rising the next day but instead declined towards the $0.1900 level.
However, the price bounced on the $0.200 level and consolidated above the level, and closed the day with a $0.00700 gain from the day’s opening price. On January 5, ADA entered a bullish rally that carried the price from lows of $0.2100 to a high of $0.3500 by January 7. However, the bulls were exhausted, and the price observed a strong retracement after failing to cross the $0.300 resistance level falling to the $0.2500 level.
While the price bounced back from the level, ADA continued a steady decline that has caused the price to fall below the $0.300 level where it currently trades. Since opening today, ADA has attempted to climb back above the $0.300 level but failed to maintain support at the level and fell below the mark.
Technical indicators and what to expect from Cardano price
Across the technical indicators, the MACD shows increasing bearish momentum as the two EMAs continue to diverge. The indicator may suggest a trend reversal if the price stays above the $0.2900 by the day’s end.
The RSI has returned to the neutral region and shows that there is room for movement on either side. the RSi hovers around the 55.00 level suggesting low momentum in the markets. The indicator supports the current bearish trend and suggests that the movement may continue towards lower support levels.
Overall, 15 of the 28 major technical indicators issue a buy signal. Only three indicators issue a sell signal while another ten indicators remain neutral. The Bollinger bands are currently converging, suggesting that ADA price volatility may continue to decrease in the short-term.
If ADA fails to maintain support above the $0.300 level traders should expect Cardano price to continue its downwards trend towards the $0.250 level before finding a strong support level. However, ADA may continue falling below if the bulls fail to defend the $0.250 level.
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.
