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Cardano at $0.4917: Navigating Bearish Channels

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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 29, 2024 | 1 min
Updated on Jan 29, 2024
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  • Cardano ADA/USD trades at $0.4917, down 1.09%, with a market cap of $17.41 billion.
  • Key resistance and support levels identified at $0.5140/$0.5390/$0.5720 and $0.4570/$0.4230/$0.3990, respectively.
  • ADA remains bearish below $0.515, with technical indicators suggesting a cautious market stance.

In this Daily crypto news, we delve into the technical landscape of Cardano cryptocurrency, a prominent player in the cryptocurrency market. As of January 29, ADA’s live price is $0.491721, with a 24-hour trading volume of $338 million. Despite a slight decrease of 1.09% in the last day, Cardano upholds a strong market presence, ranking #8 on CoinMarketCap with a live market cap of $17.41 billion and a circulating supply of 35.42 billion ADA coins out of a maximum supply of 45 billion.

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

Cardano Price Prediction: Technical Outlook

The 4-hour chart for ADA/USD reveals a pivot point at $0.4810, which is pivotal for short-term market direction. Above this level, ADA faces immediate resistance at $0.5140, followed by subsequent resistance levels at $0.5390 and $0.5720. These points represent significant barriers where upward price movement could be halted. In contrast, support levels are found at $0.4570, $0.4230, and $0.3990, offering potential areas where buying pressure might emerge to counteract downward trends.

 

The RSI indicator of 56 indicates a neutral to slightly bullish market momentum, suggesting that while buyers are present, their strength is not overwhelming.

The MACD indicator shows a value of 0.001 with a signal line at 0.003, indicating a potential for upward momentum but within a cautious realm. The 50-day Exponential Moving Average (EMA) at $0.4900 closely aligns with the current price, offering a near-term benchmark for trend assessment.

 

A key observation is the presence of a downward channel pattern on the ADA chart, which continues to exert bearish pressure on Cardano. This pattern has been providing resistance around the $0.515 level, reinforcing the current bearish outlook for ADA.

 

In conclusion, while ADA’s current market position reflects a cautiously bearish trend, especially below the $0.515 threshold, it remains in a delicate balance. For the short term, traders and investors should closely watch for any movements toward the resistance at $0.5140, which might signal a change in the current trend. However, given the overall market conditions and technical indicators, it is advisable to approach ADA with a degree of caution, as the prevailing bearish sentiment might persist in the coming days.

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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