Published 3 hours ago
Cardano Price Prediction: Since last week, the Cardano coin price attempted twice to break the $0.355 local resistance level. However, the daily rejection candles at this resistance indicate the selling pressure is high and the ADA price will most likely revert lower. Thus, a breakout from either of the aforementioned barriers may further influence this altcoin’s near future growth.
Key Points:
- The daily chart shows the Cardano coin is witnessing intense supply from the $0.35
- A possible bearish reversal from the $0.35 barrier could tumble the coin price by 7% to hit the $0.325 mark
- The intraday trading volume in the ADA coin is $359 Million, indicating a 10.18% loss.
Source- Tradingview
On March 12th, the Cardano coin price rebounded from the $0.3 support and surged 19% higher to hit a local resistance of $0.355 resistance. The increasing volume activity during this recovery indicates the buyer’s attempts to reclaim higher levels.
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However, on March 14th, the daily chart showcased a long-wick rejection reflect the sellers continue to defend this level. As a result, the ADA price moved sideways displaying a buying climax at $0.355 and a selling climax at $0.328 support.
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Today, the Cardano coin recorded an insignificant price change of +0.03% and showed a Doji candle at $0.355 barrier. This aforementioned candle indicates a lack of bullish commitment to breach the overhead resistance.
Thus, interested buyers should wait for a daily candle closing above $0.355 resistance before entering their funds in the market. This breakout could resume a bullish recovery and push ADA price to $0.38.
On a contrary note, a breakdown below $0.328 could plunge the prices back to $0.3.
Technical Indicator.
Relative Strength Index: the daily RSI slope surged above the midline indicating the underlying bullishness of the coin is rising which reflects a higher possibility for ADA price to breach $0.355
EMA’s: the 50-and-100-day EMAs moving near the $0.35 mark strengthens the resistance power of this barrier.
Cardano Coin Price Intraday Levels
- Spot price: $0.34
- Trend: Low
- Volatility: High
- Resistance level- $0.35 and $0.377
- Support level- $0.327 and $0.3
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/cardano-price-prediction-ada-price-coiling-before-bull-cycle-0-4-within-reach/
