Advertiser disclaimer

 ADA/USD Flirts with $0.49: A Bearish Struggle Ahead?

author
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.
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 22, 2024 | 2 min
Updated on Jan 22, 2024
Advertiser disclaimer
  • ADA Cardano’s price currently struggles below the pivot point of $0.4680, facing a bearish trend below $0.5200.
  • Technical indicators like RSI and MACD suggest potential for either stabilization or further decline in ADA’s price.
  • ADA’s market performance remains cautious amid broader economic uncertainties and its own blockchain advancements.

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.

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

Cardano (ADA) Price Prediction: Technical Outlook

Analyzing the technical indicators, Cardano currently trades below a crucial pivot point at $0.4680. This level is key in determining the immediate direction of ADA’s price movement. If ADA descends beneath this pivot, it could face further downward pressure towards support levels at $0.4310 and potentially down to $0.3900 and $0.3500. Conversely, should ADA recover and break above this pivot point, it may encounter resistance at $0.5080, followed by $0.5450 and $0.5850.

 

The Relative Strength Index (RSI) for Cardano stands at 36, edging closer to the oversold territory. This suggests that ADA might be undervalued and could see an upward correction soon. The Moving Average Convergence Divergence (MACD) currently shows a value of -0.001 against a signal of -0.005, indicating a bearish momentum but with potential for reversal.

 

One significant pattern in Cardano’s chart is its position relative to the 50-day Exponential Moving Average (EMA), which currently stands at $0.5190. ADA’s consistent trading below this EMA suggests a bearish trend. The formation of bearish candles under the EMA level may drive a selling trend, indicating a cautious market sentiment towards Cardano.

 

Despite the current bearish outlook, ADA has shown resilience in the past and has a strong community and technological backing. Cardano’s focus on sustainability, scalability, and security, coupled with its innovative proof-of-stake protocol, positions it uniquely in the blockchain ecosystem.

 

However, the broader market dynamics, including global economic uncertainties, regulatory news, and technological advancements, continue to impact ADA’s price. As the market awaits Cardano’s further developments and adoption, these factors will play a crucial role in shaping its future price action.

 

In summary, Cardano’s immediate future appears to be marked by caution. The interplay of support and resistance levels, coupled with the RSI and MACD indicators, suggests a market in wait-and-see mode. Investors and traders should closely monitor these levels and indicators for insights into ADA’s short-term trajectory.

Stay tuned for more updates!

author
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.
Other categories