Cardano (ADA) bulls and bears both stuck at $1.5 support and 50-day SMA suggests indecision
The Cardano blockchain (ADA) is currently in the middle of a bear market, but it’s struggling to find its way out of it. As per the 50-day moving average, which is a key indicator for cryptocurrency, ADA is stuck between $0.0245 and $0.0245. The key support lies at $1.5, which is the most important resistance.
Cardano (ADA) will be released on the 17th of February in the United States (US). Currently, the Cardano price is trading around $1.50 with a market capitalization of $4.5 billion, making it the ninth largest cryptocurrency in the world. The Cardano Foundation is a non-profit foundation, created to promote and protect Cardano. The Cardano project is one of the most ambitious software projects in the world—and one of the most mysterious.. Read more about cardano price prediction for today and tomorrow and week and years and let us know what you think.Summary of the situation
- Long windows on ADA meetings indicate market indecision
- ADA trades at 50-day ADM for second week
- The price level remains above the current high of $1.6, suggesting a 30% increase.
Cardano’s (ADA) four-hour chart shows long wicks in the green and red areas. This is not a complete indicator of indecision in the market, but the wicks indicate an imbalance between buyers and sellers. However, after a strong loss in the general market, buyer momentum has already been exhausted. A little momentum has begun to form on the hourly chart, with three white soldiers forming between the low price of $1.53 and the high price of $1.57. However, this continuation was short-lived after sellers rejected the uptrend at $1.56 per ounce. This caused a price drop, followed by a moment of indecision and boom – all red signals. Cardano(ADA) is priced no differently than most altcoins on the market in general. However, ADA buyers seem to be persisting in their attempts to stabilize the price above the two demand zones at $1.48 and $1.56. The probability of holding this price level is low, especially in a down market, but successfully holding this level will lead to a large rally of at least 30%. Critical support remains at $1, 1-month low at $1.03 and 3-month low at $0.95. The bulls are doing their best to prevent a return to these three price levels, as they all mark a danger zone that could trigger a breakout below $0.90.
Cardano price movement in 24 hours chart
The 24-hour chart shows a head and shoulders (H&S) pattern with a neckline at $1.55 acting as resistance for the current price move. At this point, the bears could start a decline and break the dominant support around $1.52. However, the currency has been trading within this support and the 50-day simple moving average (SMA) for at least 4 days. (Source: Tradeview) Cardano’s ability to maintain nearly the same moving average for more than 7 days could be the result of massive institutional inflows estimated at $10 million. In fact, this brought Cardano’s investment products to $24 million, making the altcoin the top beneficiary of institutional inflows.
Cardano1 hour price chart
The 1-hour chart shows signs of a correction as Cardano approaches the $1.53 level. At the time of writing, the currency is trading at $1.5534 in a bearish reversal. The currency formed a low at $1.53 on the 1-hour chart, which was discarded at a tight close. However, the currency seems to be heading for the same lows ($1.53 and $1.52) after buyers were pushed back to $1.56. (Source: Tradeview)
Cardano price forecast: Supplement
The current price action is bearish and traders should take positions with great caution. Cardano, like most other cryptocurrencies, is facing imbalance and there is a lot of indecision. However, you can bet on Alonzo Cardano’s test with the upcoming launch of smart contracts in June. Experts hope that the introduction of smart contracts will help the ADA reach a record high.As the Cardano blockchain continues to crawl towards its hard cap of $1.5 billion, we are starting to see a sense of indecision in the market where the bulls and bears both find temporary support levels at $1.5. This has been a pretty stable place for Cardano (ADA) since the end of last year and has served as a good indicator that the rest of the market is waiting to see if there will be a reversal. We have seen the bears take the price down to the $1.3 level, and then the bulls come into play, pushing the price up to the $1.5 level.. Read more about price targets for cardano and let us know what you think.
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