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Cardano Breaks Below $0.2550: Next Target $0.2420?

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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 October 11, 2023 | 1 min
Updated on Oct 11, 2023
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  • Cardano’s recent trade value at $0.247533 showcases a 1.80% decline, placing it in a bearish sentiment.
  • Technical indicators such as RSI and MACD further cement the bearish outlook, with RSI at 36 and MACD nearing its signal line.
  • A descending triangle breakout observed at $0.254, coupled with bearish engulfing patterns, emphasizes selling pressures on the asset.

As October 11 unfolds, Cardano’s (ADA/USD) position in the crypto market has garnered attention. The live data shows Cardano trading at $0.247533, experiencing a decline of 1.80% in the last 24 hours. The asset’s trading volume hovers around $116.5 million. Positioned at #8 on the CoinMarketCap leaderboard, Cardano boasts a market capitalization of approximately $8.7 billion. The current circulating supply stands at 35.15 billion ADA coins, with an envisioned max supply of 45 billion ADA coins.

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

Cardano Price Prediction: Technical Outlook

A deep dive into the 4-hour chart reveals key price levels that could shape Cardano’s immediate trajectory. The asset’s pivot point is identified at $0.2600, with potential resistance levels at $0.2670, $0.2770, and $0.2840. Conversely, if the bearish sentiment continues, ADA might find immediate support at $0.2500, followed by subsequent supports at $0.2430 and $0.2330.

 

From a technical standpoint, the RSI for the coin currently stands at 36, indicating a bearish sentiment. Although not in the extreme oversold territory, it suggests that the selling momentum is higher. The MACD data reveals a value of -0.001, while its signal line is at -0.003. This suggests that the MACD line is inching closer to the signal line, which might indicate a potential for reduced downward momentum or even a bullish reversal if other indicators align. Meanwhile, Cardano’s current price position with respect to the 50 EMA (at $0.2490) further validates the bearish trend.

 

Chart patterns further elucidate the bearish momentum, indicating a descending triangle breakout at the $0.254 mark. Accompanied by bearish engulfing candles underneath this triangle pattern, there’s a clear indication of selling pressure.

 

In summary, Cardano’s immediate trajectory appears to be bearish, especially if it stays below the $0.250 mark. However, given the crypto market’s volatility and rapid shifts, traders and investors should always stay vigilant and be prepared for unforeseen changes in momentum. In the upcoming days, observing how Cardano interacts with its mentioned resistances and supports will be crucial for potential investment decisions.

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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