- Recent price movements suggest that bears still have the upper hand from a longer-term perspective.
- Trading should pay close attention to the support level of $0.3629, because a move below that could bring about further downside risk.
Cardano [ADA] The market has recently been in a state of uncertainty, and its recent price collapsed under increased pressure to sell from $0.39.
Cardano may find some support around the 20 EMA as the sentiment on the crypto markets has improved over the last day. ADA trades at $0.37, a decline of almost 5% over the last 24 hours.
Cardano bulls triggered a rise above the EMAs for short-term.
ADA recovered recently from the $0.31 level of support, but it struggled to close over the resistance near $0.39.
The price of ADA closed below the 50 day EMA, despite the fact that it was above the 20 day EMA.
The 200-day EMA, at $0.4711, acts as a distant level of resistance that highlights the long term bearish trend.
MACD displayed a bullish bias, as the MACD was slightly higher than the signal line. The MACD has finally moved into positive territory. It is possible that this indicates a slowdown in the selling trend.
To regain control of the market, ADA needs to rebound off the 20-day EMA. It must also retest resistance at $0.39.
The RSI was hovering near the equilibrium mark, and buyers are advised to look out for a possible bounce off from 50. ADA is vulnerable to a slow recovery if it falls below the 50-mark.
Watch out for these key levels
If ADA can hold above this level, it could attempt to break through the $0.39 resistance. If ADA is able to hold this level it may attempt to breach the resistance of $0.39. Close above resistance and you could see a move towards the 200 EMA, near $0.47.
The support level for ADA could be tested again if ADA continues to fall below $0.3629.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
Open interest increased from $192.97 to 192.97 millions, a 0.96% increase. It is clear that the traders remain active and waiting for further signals.
Long/short was 0.8372 for the past 24 hours, indicating that sentiment is bearish. Binance had a very bullish long/short ADA/USDT at the time of publication, with a ratio of 2.4626.
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Source: ambcrypto.com