ADA Price Prediction: Cardano Coin Could Slide To $0.3 As Supply Pressure Persist At Key Resistance

Read full article at Coingape.

ADA price Prediction: The Cardano price recovery rally struggles to surpass $0.35 resistance indicating the overhead supply pressure is high. The daily time frame showcasing higher price rejection aforementioned resistance indicates the sellers are likely to prolong the prior correction phase. Is the Caradno coin moving back to $0.3, or the recovery opportunity is still available?

Key Points: 

  • Long-wick rejection candles at $0.347 resistance indicate that market participants are witnessing high selling pressure at this level.
  • A potential reversal from the $0.347 resistance could tumble the Cardano coin 12% down to hit $0.3 support.
  • The intraday trading volume in the ADA coin is $398.2 Million, indicating a 13% gain

ADA Price PredictionSource- Tradingview

Amid the recent recovery in the crypto market, the Cardano coin rebounded from a $0.3 psychological support. The bullish reversal registered a 16% gain and pushed the price to $0.347 resistance.

However, on March 14th, the prices showcased a failed attempt to breach with a long-wick rejection attached to the daily candle. This rejection indicates the traders are selling at a bullish pullback which is one of the key traits for an established downtrend.

While a bullish sentiment continues in the crypto market, the Cardano coin shows another long-wick rejection daily candle, offering additional confirmation that sellers are defending the overhead level.

Also Read: Top 6 Liquid Staking Platforms On Ethereum

This rejection hints at a higher possibility that the Cardano coin may consolidate above the $0.32 support for a few more trading days. However, If the selling pressure persists, the ADA price will breach the $0.32 support followed by the $0.3 mark.

On a contrary note, interested buyers should wait for a breakout from $0.347-$0.353 resistance to look for long entry opportunities.

Technical Indicator

Relative Strength Index: the daily RSI slope wavering below the midline indicates market sentiment is still negative for the Cardano coin.

EMA’s: the daily EMAs(20, 50, and 100) moving near the $0.375 resistance creates a highly concentrated resistance against buyers.

Cardano Coin Price Intraday Levels

  • Spot price: $0.33
  • Trend: Bullish
  • Volatility: Medium
  • Resistance level- $0.35 and $0.38
  • Support level- $0.32 and $0.29

The post ADA Price Prediction: Cardano Coin Could Slide To $0.3 As Supply Pressure Persist At Key Resistance appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Multiple High Profile Crypto Twitter Accounts Suspended, Users Suspect NFT Link

Read full article at Crypto News.Twitter users have been left bemused after the accounts of a number of prominent crypto advocates were abruptly suspended – without any apparent explanation. Accounts belonging to influential individuals such as PlanB and Willy Woo were briefly taken down, although both of these have since been restored. Other accounts – […]

Learn More

Crypto security experts raking $430K salaries amid 2022’s hacking spike

Read full article at News. The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year. Speaking with Cointelegraph, blockchain recruitment firm CryptoRecruit founder Neil Dundon said that while security audit services have long been in demand, the rise of decentralized-finance (DeFi) […]

Learn More

Strike Launches Bitcoin Trading Service, Bashes Coinbase For High BTC Fees 

Read full article at CryptoPotato.In a bid to secure financial freedom for all, fintech firm Strike has announced that its clients can now purchase Bitcoin (BTC) with no extra fees on its platform. Strike Launches Bitcoin Tab Announcing the development today, Strike noted that it had launched a “Bitcoin Tab” feature, which would make Bitcoin […]

Learn More