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ADA/USD Hovers at $0.538: Analyzing Cardano’s Path

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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 15, 2024 | 2 min
Updated on Jan 15, 2024
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  • ADA/USD trades at $0.538728, with a 1.25% decline and a $19.07 billion market cap.
  • Key resistances set at $0.6070 and $0.6880; bearish trend under $0.5480 EMA.
  • Short-term outlook suggests testing of lower supports, with a pivot point at $0.5360.

Cardano (ADA/USD) is currently trading at $0.538728, a 1.25% decline in the last 24 hours, reflecting the volatile nature of the cryptocurrency market. With a substantial 24-hour trading volume of $364.67 million, Cardano holds the #8 rank in the market, boasting a live market cap of $19.07 billion. Its circulating supply stands at over 35 billion ADA coins, against a maximum of 45 billion.

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

Cardano (ADA) Price Prediction: Technical Outlook

On a 4-hour chart, Cardano’s pivot point is at $0.5360, a critical juncture that may determine its short-term trajectory. The currency faces immediate resistance levels at $0.6070, $0.6880, and a significant barrier at $0.7580. These thresholds represent potential turnaround points for Cardano’s bullish momentum. Conversely, support levels are situated at $0.4550, followed by $0.3830 and $0.3020, which could cushion any further declines.

The technical indicators offer a comprehensive view of Cardano’s market sentiment. The Relative Strength Index (RSI) stands at 45, indicating a neutral to slightly bearish market sentiment. The Moving Average Convergence Divergence (MACD) is at -0.003, with its value slightly below the signal line at -0.004, suggesting a bearish bias. Additionally, Cardano is currently trading below the 50-day Exponential Moving Average (EMA) of $0.5480, reinforcing the selling bias indicated by the MACD.

The observed pattern of ADA holding below the 50 EMA is a critical indicator, signaling a potential continued selling pressure in the market. This position below the 50 EMA is a bearish sign, often interpreted by traders as a lack of bullish momentum to push the price above this significant moving average.

Looking at Cardano’s overall trend, it appears bearish as long as it stays below the $0.5480 level. If it manages to break above this mark, we could see a shift towards a bullish trend. However, as it stands, the currency’s short-term trajectory seems inclined towards testing lower support levels, particularly if it fails to surpass the immediate resistance at $0.6070.

The cryptocurrency market, known for its unpredictability and rapid price movements, requires constant vigilance. Investors and traders should closely monitor these technical indicators and key price levels to make informed decisions. The path of Cardano in the coming days will likely be influenced by broader market trends, investor sentiment, and developments within the Cardano network.

Stay tuned for more updates!

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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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