Price Analysis

Bears Take Control of the Cardano aka ADA

Cardano is a decentralized public Blockchain and cryptocurrency project that is fully open-source, allows complex programmable transfers of value in a secure and scalable way. Crypto community considers it to be the Ethereum Killer. It has a Market Cap of $944 Million. It is also known as the blue chips of the cryptocurrencies.

Cardano Price Prediction

Weekly price of ADA coin has fallen below the 78.6% Fib level, i.e., $0.0429 and currently supported by the weekly key support represented by the white dotted line in the below-given price chart. Prices are also below the 9 days SMA and 21 days SMA represented by the blue line and white line, respectively. If Cardano price couldn’t hold this key support, expect it to go down further towards the critical support at $0.0256 and end of this uptrend. RSI is at 38.04 with more room to go down towards the oversold zone, and Stoch RSI is near the overbought zone indicating that the ADA price may fall.

cardano price
Cardano Chart by TradingView

Daily ADA prices are below 9 days SMA, 21 days SMA, and 49 days SMA represented by blue, white, and green lines respectively in the below-given chart, indicating that the Cardano coin is under the Bears Grip. The prices tried to turn weekly 78.6% Fib level resistance, which is $0.0427 into support but failed to do so and, as a result, fell below this support. Currently, weekly key support is acting as good support, represented by the white dotted line. Laying Gann Fan at the $0.032, the lowest price ADA made on November 25, it is clear that the prices will go lower towards the 3/1 mark, i.e. $0.035, which is also weekly key support. If daily Cardano prices couldn’t hold this support, then expect it to go towards $0.034 and lower.

ada coin
Cardano Chart by TradingView

Laying Ichimoku Kinko Hyo system over the same 1 Day time frame chart, the following things can be observed:

  • ADA prices tried to push above Kumo, but Senkou Span B acted as strong resistance at $0.045
  • Prices are below the Kumo
  • Chikou Sen is under the price of candles and Kumo (cloud)
  • The prices are under Tenkan Sen (blue line) and Kijun Sen (red line)
  • Prices need to break above Senkou Span A at $0.0427 (Kumo), which also coincides with the weekly 78.6% Fib level
ada price chart
Cardano Chart (Ichimoku Cloud)

Conclusion:

ADA prices are under the strong grip of the Bears, and Bulls are fighting very hard for its survival as the prices Trades just above the weekly key support. If this support is broken, expect the Cardano price to go down below all the way to the critical support at $0.025. For the Bull to take over, it needs to push the prices above $0.0427, which is weekly 78.6% Fib level and take this level as support.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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