Cardano is a leading cryptocurrency that offers interchangeability between different blockchains. ADA is a native coin that has a fixed supply. However, during this downtrend, the price of Cardano is forming a new yearly low of around $0.29, and the current price is just above the yearly low.
At the time of writing this post, ADA was trading in the lower Bollinger Bands, and other technical indicators such as MACD and RSI are bearish, suggesting a downtrend for the short term. We can find an increase in volume and volatility in the Bollinger Bands, suggesting a consolidation within a range.
However, it is a crucial level; if Cardano breaks the yearly low of $0.29, it will be in a downtrend for the long term. So crypto enthusiasts must watch the ADA price movement very closely. Click here to read our ADA predictions to know how the token may perform in the coming years!
The weekly chart of Cardano has been in a downtrend, but this week, it is forming a bullish candle that suggests a price surge, at least for the short term. Most candlesticks have been forming in the lower Bollinger Bands in the last year. Cardano formed a bottom in September around $0.45, consolidating between $0.45 and $0.55.
After that, it broke the support in the first week of October, and now it may form a new yearly low of around $0.29, which suggests a strong bearish momentum for the long term. Even major technical indicators such as RSI and MACD are bearish.
Based on the current price action, it seems like ADA might break $0.29 to continue the downtrend. The market has not been stabilized after the FTX liquidity crisis, so we cannot predict a bottom.
If you are interested in investing foin Cardano r the next few years, you can accumulate ADA coins. However, consider that it will continue the downtrend for the next few months.