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Cardano (ADA) Dips to $0.39: Market Awaits Next Move

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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 November 27, 2023 | 1 min
Updated on Nov 27, 2023
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  • Cardano ADA trades at $0.388680 with a 0.69% decline, holding the 8th rank in market cap.
  • Pivot point at $0.3810 is key, with resistances at $0.4070, $0.4260, and supports at $0.3620, $0.3360.
  • RSI near neutral at 49, with ADA below 50 EMA, indicating a short-term bearish trend below $0.3960.

In the dynamic world of cryptocurrency, Cardano (ADA) presents an intriguing case. As of November 27, ADA is trading at $0.388680, experiencing a slight decline of 0.69% within the last 24 hours. Despite this modest dip, ADA’s overall market position remains robust, holding the 8th rank on CoinMarketCap with a live market capitalization of $13,719,709,360. The currency’s circulating supply stands at 35,298,257,000 ADA coins out of a maximum of 45,000,000,000.

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

Cardano (ADA) Price Prediction: Technical Outlook

The technical analysis of ADA’s 4-hour chart reveals key price levels that could dictate its short-term trajectory. The pivot point at $0.3810 serves as a crucial marker. If ADA maintains above this level, it may signify a bullish trend; however, a fall below could indicate bearish momentum. The immediate resistances are at $0.4070, $0.4260, and $0.4520. These points will be critical for ADA to overcome for any significant upward trend. Conversely, support levels at $0.3620, $0.3360, and $0.3170 are essential in preventing further slides.

The Relative Strength Index (RSI) for ADA stands at 49, hovering near the neutral zone. This indicates a market that is neither overbought nor oversold, suggesting a balanced sentiment among investors. The Moving Average Convergence Divergence (MACD) shows a value of -0.001, with the signal line at 0.001, hinting at a potential shift in momentum.

Currently, ADA’s price is slightly below the 50-Day Exponential Moving Average (EMA) of $0.3830, pointing towards a short-term bearish trend. However, the observed chart patterns and candlestick analysis hint at the possibility of a change in trend, especially if Cardano can surpass the pivotal $0.3960 mark.

In conclusion, while the short-term forecast for Cardano remains bearish below $0.3960, its position near critical support and resistance levels makes the next few days crucial. If Cardano can break through the resistance at $0.4070, it might signal the beginning of an upward trajectory. However, investors should remain vigilant, as the volatile nature of the cryptocurrency market means that external factors could rapidly influence ADA’s price.

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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