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ADA/USD Falls to $0.465 Amid Bearish Market Pressure

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 24, 2024 | 2 min
Updated on Jan 24, 2024
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  • ADA/USD drops to $0.465, signaling a bearish trend below key resistance at $0.4800.
  • Immediate resistance levels set at $0.4680 and $0.5080; RSI and MACD indicate potential downside.
  • Short-term outlook: Bearish, with ADA likely to test and struggle at resistance levels.

In the dynamic world of cryptocurrencies, Cardano (ADA) presents a fascinating case. As of today, ADA’s price hovers around $0.495009, marking a 4.55% decrease in the last 24 hours. This puts Cardano’s market capitalization at $17.53 billion, with a circulating supply of 35.4 billion Cardano coins out of a maximum supply of 45 billion.

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ADA/USD Price Chart
ADA/USD Price Chart – Source: Tradingview

Cardano (ADA) Price Prediction: Technical Outlook

Cardano (ADA), currently ranked #8 in the cryptocurrency market, is experiencing a noticeable downturn, trading at $0.465030. This 3.72% decrease within the last 24 hours comes amidst a trading volume of approximately $557 million. The live market cap of Cardano stands at about $16.47 billion, with a circulating supply of over 35 billion ADA coins, reflecting its significant presence in the digital currency ecosystem.

 

The technical outlook for ADA/USD suggests a bearish trend. The pivot point, a crucial determinant for short-term price movements, is set at $0.4310. The asset faces immediate resistance at $0.4680, with further barriers at $0.5080 and $0.5450. These levels are key for Cardano to overcome in order to shift its bearish momentum.

 

On the support side, ADA finds its initial safety net at $0.3900. Subsequent support levels are at $0.3510 and $0.3100, which may play a critical role in preventing further declines. The Relative Strength Index (RSI) stands at 37, edging close to the oversold territory and suggesting that selling pressure is dominating the market. The Moving Average Convergence Divergence (MACD) shows a negative divergence of -0.002, reinforcing the bearish sentiment. Moreover, the 50-Day Exponential Moving Average (EMA) at $0.5020 is currently above the market price, adding to the bearish outlook.

 

ADA’s chart reveals a downward trendline, extending bearish bias for the cryptocurrency. It implies that ADA is trading with a negative bias and facing immediate resistance around the $0.480 level. This trend suggests that Cardano may struggle to breach this resistance in the short term. Therefore, traders might consider waiting for Cardano to approach the $0.4800 level before initiating a sell-off, anticipating a potential bounce off this resistance.

 

In summary, the market sentiment for Cardano is bearish, especially below the $0.4800 mark. The short-term forecast indicates that ADA might test its resistance levels soon, but the strength of these levels and market response will be critical in determining ADA’s trajectory in the days ahead.

Keep up with the latest trends at Daily-crypto.com!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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