Cardano (ADA) has been navigating a somewhat uncertain market sentiment, with its price recently succumbing to increased selling pressure fro
ADA traded at $0.37 at press time after witnessing a nearly 5% decline in 24 hours. Can the bulls turn the tide in their favor?has been navigating a somewhat uncertain market sentiment, with its price recently succumbing to increased selling pressure from the $0.39 resistance.
While the price action closed above the 20-day EMA and the 50-day EMA after the rebound, the recent reversal pulled ADA below its 50 EMA level. The MACD showed a slight bullish edge, with the MACD line slightly above the signal line. However, the MACD finally entered positive territory after a few weeks. This indicates that the immediate selling momentum may be slowing.
The RSI hovered near equilibrium, but buyers should look for a potential bounce-off from the 50-mark. However, any decline below this level can expose ADA to a delayed recovery.The immediate support to watch is the $0.375 level. If ADA can hold above this level, it could attempt to break above the $0.39 resistance. A successful close above this resistance could open the door for a recovery towards the 200 EMA near the $0.47 level.
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.
Can Cardano’s Chang hardfork spur ADA’s price action again?Cardano's chang hardfork draws near but what will the implications be for the network, as well as ADA's price action?
Read more »
Mapping how ADA’s price reacted to Cardano postponing ‘Chang’ hard forkCardano faced a setback with the postponement of its much-anticipated hard fork, stirring speculation about ADA's market reaction...
Read more »
Cardano price prediction – ADA’s re-visit of THIS level will be followed by…Cardano seemed to be hovering at $0.33, a critical level. Will bulls gain momentum amid low profitability and potential volatility?
Read more »
Cardano fights ‘dead coin’ label: How AI can help ADA soarCardano (ADA) continues to hold its ground among the top digital assets despite criticisms of being a dead coin.
Read more »
Assessing Cardano’s breakout possibility – Big moves ahead for ADA’s price?A technical analysis of Cardano revealed a potential bullish breakout from its ongoing downtrend. ADA has been trading within...
Read more »
Cardano clears first Chang threshold, but ADA’s price struggles continueCardano has registered a slow growth in new users onboarding the network in the current cycle despite accomplishing significant milestones
Read more »