Cardano Struggles Beneath $1, Will It Rest Above Its Crucial Support?
12 Mai 2022 - 04:00AM
NEWSBTC
Price of Cardano (ADA) has been unstable following larger market
trends. Bitcoin slid upto 20% over the past week and major altcoins
followed through. Bitcoin’s revisit to levels that it hasn’t
touched for months has caused other altcoins to plummet
considerably. In just 24 hours, ADA nosedived 20% and over the last
seven days, the coin posted over 30% loss in market value. ADA has
been one of the worst performing altcoins of the month causing
investors and buyers to flee the market. Continued sell off could
cause the coin to dip further and rest near the $0.40 mark. Amidst
other worrying factors, such as increasing inflation, hiked
interest rates and an impending recession, broader market weakness
could continue to bother the stability of the crypto industry.
Cardano Price Analysis: Four Hour Chart ADA’s price at the time of
writing stood at $0.50 which marks more 60% fall from its all all
time high of $3 last year, September. The coin has almost noted a
35-week downtrend and the recent bearish price movement has made it
nearly impossible for the coin to display chances of rebound. The
coin continues to paint extreme oversold conditions. The coin
depicted a downward trend (yellow) affirming the bearish thesis. At
the current price level, Cardano might find a support level at
$0.40. Investors might fight that scenario to be a buying
opportunity which could lift ADA’s prices upward. In case of a
rebound, which looks quite difficult, ADA could target $0.62.
Volume of Cardano displayed a red bar which is indicative of
bearishness, it also means that the coin is experiencing sell off
at the time of writing. Technical Analysis Cardano had tried to
retest its $0.62 level in the past few days but the bears kept
dragging the altcoin down. At the time of writing, ADA was trading
far below the 20-SMA line. This means that sellers were driving the
price momentum of the coin in the market. After breaking from the
downward trend, ADA had briefly tried to rally which had made the
coin revisit the overbought zone as buyers gained confidence for a
brief span of time as seen on the Relative Strength Index.
Following this however, ADA barely recovered in terms of buying
strength as the coin continued to juggle between the oversold zone
and underbought zone. Related Reading | ADA On Discount? Cardano
Whales Go On $200M Shopping Spree Ongoing bearish thesis has
dampened the spirit of investors, the coin is currently
experiencing a distribution phase owing to a sell-off. The Chaikin
Money Flow which determines capital outflows was seen below the
halfline. This reading signified that capital outflows were far
greater that inflows. Awesome Oscillator that tells the price
momentum, indicated amplified red histograms. Red histograms
underneath the zero-line means bearish price action for the coin.
Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is
Far From Over Featured image from UnSplash, chart from
TradingView.com
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