The price of Cardano has dropped dramatically over the last few days, even dropping more than 4% in the last 24 hours. Now that it has fallen below the crucial $0.30 support level, some traders are worried.
It is currently trading at about $0.28 as traders try to keep the price stable and possibly raise it back above $0.30. It’s going to end up here.
Today’s Cardano Price
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | 0.2633792 |
Cardano Price Prediction
Cardano’s price may be seen moving toward a falling channel’s lower border support on the daily chart. Prior attempts to move the price above the channel’s middle border were failed since the price was unable to move over the $0.33 resistance level.
The ADA price is currently moving in the direction of the trendline support at $0.27.
Overhead pressure is likely to rise if the Moving Average Convergence Divergence (MACD) indicator displays a sell signal. The MACD (seen in blue) passing below the signal line will indicate to investors to step up their selling activities (shown in red).
It’s vital to keep in mind that the path of least resistance for Cardano is lower because the MACD is currently below the mean line (0.00).
If support ($0.27) at the channel’s bottom limit fails, the mounting bearish pressure on Cardano price may become more pronounced.
A little below the channel, sell orders might be initiated in advance of potential take-profit targets of $0.26 and $0.20, respectively. If need be, Cardano will retest the $0.16 level of support, where it will have access to a tonne of liquidity and become decisively bullish.
[embedpost slug=”btc-price-prediction-todays-bitcoin-price-18th-dec-2022/”]
