Dying Volume and Smaller Price Action in Cardano
After hitting a recent low of $1.00 on June 22, Cardano backed by a negative sentiment on the broader crypto market. ADA is again at heels because of lesser price action, with daily movement being less than 2% since the last couple of days. A possible reason could be facing resistance at crossing the 100 Day Moving Average, which is located near the $1.4589. The last traded value of $1.4323 is quite close to the resistance.
Other than this technical reason, there is no other explanation for decreased price action. An opening above the 100 DMA is the only aspect that can push ADA price to a new high. As of now, the support is placed at $1.000 while the resistance is active at around $1.8545.
Cardano Technical Analysis
100 Day Moving Average – $1.4526
200 Day Moving Average – $1.08
Support Level – $1.000
Resistance Level – $1.45 | $1.85
All time High – $2.45
Month High – $1.4955
Month Low – $1.2854
Tackling the selling pressure can push back the short upside rally in ADA by a huge margin. But trading above the 100 DMA could be good news for Cardano investors. The MACD indicator is showing a decrease in buying action but within the positive swing. ADA coin has the fundamental potential to reach a new high and close above its all-time high of $2.45.
On hourly charts, ADA is trading efficiently with a strong bullish sentiment, and there is a resistance at the level of $1.4763 with support at $1.3885. The buying action is quite prevalent, with RSI being close to the overbought zones indicating a positive sentiment around ADA. Based on our Cardano predictions, the price momentum could increase to new heights with the release of the much-talked-about Alonzo fork. This fork is being extensively tested on the Cardano network.
