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Cardano Faces Pressure: Sell Under $0.294?

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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 25, 2023 | 2 min
Updated on Oct 25, 2023
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  • Cardano’s current price stands at $0.268445, with a 24-hour increase of 2.78%.
  • Technical indicators suggest potential downward momentum, with RSI in the overbought territory.
  • The double top pattern indicates a possible reversal if ADA fails to break past the $0.250 level.

In the dynamic world of cryptocurrencies, Cardano stands as an intriguing contender. As of October 25, the digital asset is priced at a modest $0.280842. Despite a 2.22% dip in the last 24 hours, the trading volume of $344,063,916 USD underscores Cardano’s prevalent market activity. With its current standing as the eighth-ranked cryptocurrency on CoinMarketCap, it’s evident that Cardano continues to hold significant influence in the crypto realm, boasting a market cap nearing $10 billion

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

Cardano Price Prediction: Technical Outlook

Today, Cardano (ADA) stands at a price of $0.280842 USD, marking a slight decline of 2.22% within the past day. This movement, set against a noteworthy trading volume of $344,063,916 USD, emphasizes Cardano’s continued traction in the crypto market. Cardano’s position as the eighth cryptocurrency in the CoinMarketCap ranking, coupled with a market capitalization of $9,893,832,056 USD, solidifies its prominent footprint in the digital currency space.

 

A closer look at the 4-hour chart offers a detailed view of Cardano’s price trajectory. The pivot point is set at $0.2820, serving as a central gauge for traders. On the upside, Cardano faces an immediate resistance at $0.2990. If the momentum remains positive, subsequent resistances are found at $0.3160 and $0.3330. Conversely, should Cardano falter, immediate support awaits at $0.2730, followed by $0.2560 and a deeper support level at $0.2470.

 

Turning to technical indicators, the Relative Strength Index (RSI) is recorded at 68. While this doesn’t indicate overbought conditions, it’s edging closer to the threshold, suggesting a heightened buying sentiment. The MACD, another vital indicator for traders, stands at 0.00 with its signal line at 0.007. This suggests that Cardano’s momentum is currently in balance, with potential shifts on the horizon.

 

The 50-Day Exponential Moving Average (EMA), at $0.2630, provides another layer of analysis. With Cardano’s price trading above this EMA, the current sentiment leans toward a short-term bullish trend, indicating the dominance of buying forces recently.

 

Cardano’s overall trajectory currently seems to hinge on the $0.2820 mark. A slip below this point leans toward bearish sentiment, while a move above could signify a bullish continuation. Given the current technical landscape, Cardano could challenge the resistance at $0.2990 in the coming days, contingent upon prevailing market sentiment.

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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