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Cardano Dips Below $0.250: Time to Sell?

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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 18, 2023 | 2 min
Updated on Oct 18, 2023
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  • Cardano slips below $0.250, trading at $0.246150, marking a 1.65% decrease in the past 24 hours.
  • Technical indicators suggest bearish sentiment with RSI at 44 and price below the 50 EMA at $0.2490.
  • Descending triangle pattern formation on the 4-hour chart indicates potential for further downward movement.

In the rapidly fluctuating world of cryptocurrencies, Cardano, once celebrated for its robust technology and promising roadmap, has recently dipped below the significant $0.250 benchmark. This decline has sparked debates and deliberations among investors and crypto enthusiasts: is it time to offload ADA holdings, or could this be a temporary setback before a rebound? As we delve deeper into its current trajectory and market sentiments, we aim to provide clarity on whether to “sell now” or hold tight.

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

Cardano Price Prediction: Technical Outlook

Cardano, currently ranked 8th on CoinMarketCap, is trading with increased volatility, having recently dropped below the $0.250 threshold. The live Cardano price as of October 18 is $0.246150, marking a decline of 1.65% over the past 24 hours. This dip is happening amidst a 24-hour trading volume of approximately $125.24 million. With a market capitalization standing at about $8.67 billion, the circulating supply for Cardano is approximately 35.22 billion ADA coins, approaching its maximum supply cap of 45 billion ADA coins.

Taking a closer look at the 4-hour chart, Cardano appears to be approaching some significant price levels. The pivotal point is established at $0.2410. If we look at potential upside movements, resistance points are set at $0.2500, followed by $0.2570, and further at $0.2660. On the downside, the immediate support stands firm at $0.2340, with deeper support levels pegged at $0.2250 and subsequently $0.2160.

From a technical perspective, the Relative Strength Index (RSI) for Cardano stands at 44, indicating a bearish sentiment since it’s below the midpoint of 50. Moreover, the 50-Day Exponential Moving Average (EMA) for Cardano is at $0.2490. With the price trading below this average, it confirms the short-term bearish momentum. Furthermore, from a chart pattern perspective, Cardano has recently exhibited a descending triangle pattern, which typically suggests a selling bias.

In light of the current scenario, Cardano’s market sentiment is bearish, especially if the price remains below the $0.2500 mark. Over the short term, the immediate support levels, particularly $0.2340, could come into play. For traders and investors alike, it’s essential to stay abreast of both technical and fundamental developments to ensure they’re making informed 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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