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Cardano at $0.572: Facing a Bearish Trend Below $0.5860

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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 December 18, 2023 | 2 min
Updated on Dec 18, 2023
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  • Cardano trades at $0.572731, down 5.07%, with pivot point at $0.5090 suggesting a bearish trend.
  • Technical indicators, including an RSI of 38 and a bearish MACD, point to potential downward pressure on ADA.
  • Chart analysis indicates a bearish outlook, with ADA trading below the 50 EMA of $0.5860.

In the rapidly evolving cryptocurrency market, Cardano (ADA) currently presents a challenging picture, trading at $0.572731 and displaying a bearish trend. Recently experiencing a significant decline of 5.07%, ADA now faces critical technical resistances, with its market position impacted by its current standing below the 50-Day Exponential Moving Average (EMA) of $0.5860.

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ADA Graph
ADA/USD Price Chart – Source: Tradingview

Cardano Price Prediction: Technical Outlook

In the dynamic world of cryptocurrency, Cardano (ADA) has recently been the focus of investors’ attention. Currently trading at $0.572731, ADA has experienced a notable 5.07% decrease in the last 24 hours. Despite this downturn, Cardano maintains its position as the eighth largest cryptocurrency by market capitalization, with a value of $20.24 billion. Its circulating supply stands at over 35 billion coins, reflecting its widespread adoption and utility in the blockchain space.

Cardano’s 4-hour chart reveals significant technical details. The pivot point is set at $0.5090, serving as a crucial indicator of potential price movement. ADA faces immediate resistance at $0.5960, followed by higher resistance levels at $0.6660 and $0.7520. These levels are key for Cardano to overcome to signal a bullish reversal. On the downside, the immediate support level is found at $0.4380, with further supports at $0.3520 and $0.2660, which could act as potential floors in a bearish trend.

The Relative Strength Index (RSI) for ADA is currently at 38, indicating a bearish sentiment. This value, being below the mid-point of 50, suggests that ADA might be under selling pressure. The Moving Average Convergence Divergence (MACD) further corroborates this bearish outlook, with a value of -0.006 against a signal line of -0.007. However, the 50-Day Exponential Moving Average (EMA) at $0.5860, now above Cardano’s price, adds a layer of complexity to the forecast. ADA’s recent drop below the 50 EMA line is a bearish signal, suggesting potential further downside.

In conclusion, the overall trend for Cardano appears bearish, especially if it continues to trade below the $0.5860 mark. The short-term forecast suggests that ADA may test its resistance levels in the coming days, but the prevailing bearish indicators, including the RSI and MACD, along with its position relative to the 50 EMA, paint a cautious picture. Investors and traders should closely monitor these technical levels and market sentiments for signs of either a potential rebound or a continued decline.

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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