Cardano's price action has been interesting lately. What does this mean for ADA's price prediction in the days ahead though?
was on a downtrend on the daily chart, even though it bounced by 7.4% from Wednesday’s lows. In fact, technical analysis revealed that market bulls have an uphill fight ahead of them to reverse this trend.also gained by 8% from its Wednesday lows and was the major cause of the market-wide rally. Despite its increased public acceptance, however, Bitcoin Core developerof the future.
The OBV was unable to climb above a local resistance level. This underlined the selling pressure behind ADA. However, Cardano’s price prediction was bearish for another reason too. Two imbalances on the daily timeframes are highlighted in white on the chart above. The lower one at $0.48-$0.5 has not been retested yet, but could rebuff bulls in the coming days.The Open Interest behind Cardano has trended higher in May too, but was not particularly strong during the most recent price hike. This indicated that speculators have been wary of going long on ADA.
Simply put, Cardano’s price prediction remains bearish, with the 23.6% extension level at $0.3 being the next target. This expectation was reinforced by the sustained downtrend of the spot CVD since it highlighted selling pressure in the market. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cardano price prediction: Why ADA can drop 30% to $0.3The Fibonacci levels plotted based on Cardano's drop from $0.81 in March showed that the 23.6% southward extension was the next target.
Read more »
Cardano price prediction – Perfect time to buy ADA after 25% dip?Cardano [ADA] may be due for a price rally as a key on-chain metric flashes a buy signal, Santiment noted in a new post on X.
Read more »
Cardano’s latest buy signal – Why it could mean a relief rally for ADA’s priceCardano witnessed losses of more than 23% in April, but the corrective phase might end soon according to a forecast by a technical analyst...
Read more »
Cardano price prediction: $0.50 is near, but bears can pull ADA down to…The AMBCrypto Cardano price prediction had a bearish tinge, and technical indicators showed that sellers were dominant now.
Read more »
Can Cardano whales help overcome ADA’s 7% drop in value?Cardano [ADA] whale activity has seen a significant resurgence in the last month, according to data from IntoTheBlock.
Read more »
Cardano’s short positions increase: What should you do with your ADA?Short positions against ADA experienced a notable increase. Will the price of ADA be impacted negatively by this as well?
Read more »