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Cardano Price Prediction: Since last week, the Cardano coin price attempted twice to break the $0.355 local resistance level. However, the daily rejection candles at this resistance indicate the selling pressure is high and the ADA price will most likely revert lower. Thus, a breakout from either of the aforementioned barriers may further influence this altcoin’s near future growth.
Key Points:
- The daily chart shows the Cardano coin is witnessing intense supply from the $0.35
- A possible bearish reversal from the $0.35 barrier could tumble the coin price by 7% to hit the $0.325 mark
- The intraday trading volume in the ADA coin is $359 Million, indicating a 10.18% loss.
Source- Tradingview
On March 12th, the Cardano coin price rebounded from the $0.3 support and surged 19% higher to hit a local resistance of $0.355 resistance. The increasing volume activity during this recovery indicates the buyer’s attempts to reclaim higher levels.
However, on March 14th, the daily chart showcased a long-wick rejection reflect the sellers continue to defend this level. As a result, the ADA price moved sideways displaying a buying climax at $0.355 and a selling climax at $0.328 support.
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Today, the Cardano coin recorded an insignificant price change of +0.03% and showed a Doji candle at $0.355 barrier. This aforementioned candle indicates a lack of bullish commitment to breach the overhead resistance.
Thus, interested buyers should wait for a daily candle closing above $0.355 resistance before entering their funds in the market. This breakout could resume a bullish recovery and push ADA price to $0.38.
On a contrary note, a breakdown below $0.328 could plunge the prices back to $0.3.
Technical Indicator.
Relative Strength Index: the daily RSI slope surged above the midline indicating the underlying bullishness of the coin is rising which reflects a higher possibility for ADA price to breach $0.355
EMA’s: the 50-and-100-day EMAs moving near the $0.35 mark strengthens the resistance power of this barrier.
Cardano Coin Price Intraday Levels
- Spot price: $0.34
- Trend: Low
- Volatility: High
- Resistance level- $0.35 and $0.377
- Support level- $0.327 and $0.3
The post Cardano Price Prediction March 18th: ADA Price Coiling Up Before The Next Bull Cycle; Is $0.4 Within Reach? appeared first on CoinGape.
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