Cardano (ADA) faces the risk of tumbling around $0.40

Cardano’s ADA could slip a little further. It is noted that the chances of tumbling around $0.40 are very much in sight. The token was last seen listed at $0.4618. Assuming it does fall to $0.45, there is a scope for a decline to $0.40. This comes when the market is transitioning toward Ethereum’s ETH. The US Securities & Exchange Commission has approved one application effective May 23, 2024. Most traders and investors consolidate for short gains.

That precisely depends on how fast the Commission gives the green light for trading Ether ETF. However, sentiments are bullish around it, and some of the altcoins are suffering. This also includes SOL and AVAX.

For ADA, the current value is after a surge of 1.11% in the last 24 hours and a drop of 6.16% in the last 7 days. Moreover, it reflects a jump of 2.85% in the last 30 days. Cardano is testing the key resistance of $0.45. A fall to $0.40 would hint at two factors – buy the dip or a possible long-term consistent downtrend.

Predictions for the next 5 days and 30 days are mixed. The next five days, ADA could see around $0.44. It would then bounce to $0.47 for a gain of 4.86%. Ether has short-term interests, and there is a chance that ADA could be of long-term interest to the community. It features a volatility of 3.34% and a 14-day RSI of 49.28. There is a decline in green trades, with only 12 out of 30 working well for the token. That is almost 40% – not necessarily the picture crypto enthusiasts want to see.

The 50-Day SMA and 200-Day SMA are $0.48 and $0.53621, respectively. Sentiments are currently bearish, but they could change to bullish by the end of next week.

As for ETH, the approval of an ETF application has paved the way for the token to gain much-needed attention. It is closer to surpassing the milestone of $4,000 – thereby setting the stage for $4,500 in the next couple of months and $5,000 by the end of this year. Its token value is $3,852.48, with a dip of 0.04% in the last 24 hours.

Ethereum is likely consolidating in the market before it jumps. Traders and investors are gathering their portions in hopes that relevant authorities will soon enable the trading of Ether ETF. Traders are already redirecting the capital flow from AVAX, SOL, and ADA to Ether.

ETH is testing the resistance of $3,800. It is poised to move beyond $4,000 at the earliest to possibly beat the growth of BTC. Meanwhile, Bitcoin is riding the bull run with a potential surge to $84,000.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 65,241.48
Ethereum (ETH) $ 3,537.02
Tether (USDT) $ 1.00
BNB (BNB) $ 600.06
Solana (SOL) $ 139.05
XRP (XRP) $ 0.490592
Dogecoin (DOGE) $ 0.124784
Cardano (ADA) $ 0.389794