Cardano Price Prediction: Will ADA Price Rejection From $0.35 Barrier Resume Prior Downfall?

Read full article at Coingape.

Cardano Price Prediction: the ongoing recovery rally in Cardano coin price halts at the $0.35 local resistance zone. On March 14th, the daily chart shows the buyers failed to surpass the $0.35 barrier with a long-wick price rejection, indicating that traders are selling during price rallies. If the selling pressure persists, the ADA price is likely to prolong the prior correction phase.

Key Points: 

  • A bearish reversal sign at $0.35 resistance puts Cardano coin on a 16% downside risk
  • Several technician levels accumulate near the $0.35 mark creating a strong supply zone
  • The intraday trading volume in the ADA coin is $624 Million, indicating a 10% gain.

Cardano Price PredictionSource- Tradingview

With the increasing bullishness in the crypto market, the Cardano coin rebounded from the psychological support of $0.3. The resulting bullish reversal backed by growing volume surged the coin price by 18.45% where it hit a flipped resistance of $0.35

However, on March 15th, the buyers tried to breach the aforementioned as well but by the day’s end, the daily candle closed below $0.35. This long rejection candle indicates the sellers are defending the level and may pressurize the price to resume proclaiming correction.

Also Read: Top Crypto Copy Trading Platforms For 2023

If the Cardano coin faces more signs of selling pressure at $0.35 in the coming days, the prices are likely to turn down and retest the local of $0.325 and $0.3.

On a contrary note, if the buyers reattempt to prolong this recovery phase, the price will need a daily candle closing above the $0.35                                                                                                                                              

Technical Indicator

Relative Strength Index: the daily RSI slope jumped back to the midline(50%) indicating the market sentiment is neutral.

EMA’s: the daily EMAs(20, 50, and 100) accumulated near the $0.35 mark creating a strong resistance level against buyers.

Cardano Coin Price Intraday Levels

  • Spot price: $0.344
  • Trend: Bullish
  • Volatility: Medium
  • Resistance level- $0.35 and $0.377
  • Support level- $0.327 and $0.3

The post Cardano Price Prediction: Will ADA Price Rejection From $0.35 Barrier Resume Prior Downfall? appeared first on CoinGape.

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#Bitcoin #Crypto #Cryptocurrency

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