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Cardano (ADA) Price Prediction: ADA Holds Near Critical $1.0 level

Cardano’s (ADA) price extends the previous session’s losses on Thursday, trading with more than 2% losses. The price opened higher but the rally fizzled out quickly and the price hovered near the session’s low. Investors seek some catalyst to take a U-turn from the current levels as it forms a reliable support level.

  • Cardano’s (ADA) price manages to hold a critical $1.0 level.
  • An upside is essential to avoid the bearish sentiment.
  • A decisive close below $1.0 could elevate the downside risk.

In the latest update, Cardano records a significant increase in on-chain activity with new addresses rising by 167%. As per a prominent crypto analyst, the sustained growth of the metric usually precedes a spike in price volatility for ADA.

Furthermore, a leading decentralized exchange SundaeSwap on the Cardano blockchain has surpassed 100 million ADA in total trading volume.

 Cardano (ADA) awaits a U-turn

On the daily chart, Cardano (ADA) price has been in the long-term downward price trend from an all-time high made on September 2. Currently, ADA price is consolidating after retesting the critical support zone at $1.05. But to make a trend reversal ADA must break away the bearish slopping line at $1.12.

Source: Trading View

Further, if the bulls can push Cardano’s price to a close at or above $1.25, ADA will then aim for the psychological $1.50 level.

Alternatively, the downside risk remains for the pair below the $1.0 level. A daily close below the mentioned level could trigger a fresh round of selling while aiming for the fresh low level.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) holds at 42 with bearish bias signaling downside risk remains intact.

MACD: The Moving Average Convergence Divergence (MACD) reads below the midline.

Disclaimer

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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