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Cardano Trades Choppy Near $0.2500: Quick Update

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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 September 18, 2023 | 2 min
Updated on Sep 19, 2023
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  • The ADA/USD trading pair grapples with the crucial $0.2500 resistance, evidenced by an ambivalent candlestick pattern on the 4-hour chart, potentially signalling a bearish turn.
  • Cardano’s foundational support lies at $0.2430; breaching this could steer the price to the deeper support at $0.2370. A descending trendline on the 4-hour chart heightens market uncertainty.
  • Key indicators, the RSI and MACD, point towards a diminishing bullish momentum, emphasizing the significance of the $0.2500 mark as a potential determinant for Cardano’s future price trajectory.

Amidst fluctuating market conditions, Cardano (ADA) presents a volatile trading pattern near the $0.2500 mark. While investors and traders keep a close watch, the cryptocurrency struggles to find a consistent trajectory. This brief update sheds light on the current dynamics and key levels that ADA is grappling with, offering insights into potential future movements.

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

Cardano Price Prediction: Technical Outlook

Today, Cardano is trading at $0.249815, with a trading volume of $89,106,803 over the past 24 hours. Experiencing a modest 0.12% rise in the last day, it currently holds the #7 position on CoinMarketCap. Cardano boasts a market capitalization of $8,770,587,693 USD, with a circulating supply of 35,108,261,869 ADA out of a maximum supply of 45,000,000,000 ADA coins.

 

From a technical standpoint, the ADA/USD pair is facing challenges as it struggles to surpass the key resistance level at $0.2500. On a closer look at the 4-hour chart, we can see an indecisive candlestick pattern forming just below the $0.2500 mark. This pattern indicates uncertainty in the market and may lead to a bearish sentiment.

 

Cardano’s immediate support level is at $0.2430, and if it breaks below this level, the price may drop towards the next significant support level at $0.2370. Furthermore, there is a descending trendline on the 4-hour chart, which adds to the uncertainty in the market.

 

Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a weakening bullish trend, indicating the possibility of a more pronounced bearish sentiment in the future.

 

As such, it is crucial for traders and investors to keep an eye on the $0.2500 level, which may serve as a decisive indicator for Cardano’s price direction. If the price falls below this level, it may signal a strengthening bearish sentiment in the market.

 

In conclusion, Cardano is currently at a critical juncture in its price movement, with $0.2500 emerging as a crucial level to watch. This is particularly important in the context of the broader technical indicators that suggest increased selling pressure.

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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