Cardano Price Prediction 2023: Are Bulls Losing The Game?

• Cardano price (ADA) slid 0.13% in the last 24 hours and is currently trading at $0.29.
• ADA price is in a long-term decline phase and declined by 21% in the past 3 months.

Cardano Token (ADA) is a blockchain that uses proof-of-stake, a greener way of securing a network than Bitcoin‘s proof-of-work. Ethereum, which is much bigger than Cardano, also plans to switch to proof-of-stake, but it will take a long time.

The Cardano price is currently trading at $0.29 with a decline of 0.13% in the past 24 hours. ADA holds a total market cap of $10.16 Billion and ranks 8th in the crypto market. 

ADA token has a trading volume of $146.702 Million with an incline of 26.08% over the past 24 hours. It has over 35.03 Billion tokens in circulating supply. The volume-to-market cap ratio of the ADA token is 1.44% indicating a very low volatility in the market.

Cardano Price Prediction Using Price Action Strategy

Cardano price analysis reveals that the token price has been in a long-term downtrend after the breakdown of crucial support at $0.355 in June 2023. The price declined nearly 31% indicating strong selling pressure. 

Thereafter, the price consolidated at the lower levels followed by an attempt to recover the decline. However, the buyers failed to break above the previous swing and the sellers took control of the game and the price declined again.

Currently, the price may continue to decline as the short-term trend has aligned with the long-term trend. The sellers have regained control over the game and the price may decline to its nearest demand zone. The price is also suffering multiple rejections from an upper trendline. 

However, the price may show some bullishness if the price breaks and sustains above the trendline resistance. Also, It requires more buying volume to accumulate at the lower levels and surge the prices higher.

ADA Price Forecast from Indicators’ point of view

As per the EMA analysis, the ADA price is trading below the 50 and 200 EMA both indicating selling pressure prevailing in both the long-term and short-term.

At the time of publishing, the RSI value of the ADA token is 42.46 and that of the SMA line is 44.44. RSI is declining suffering rejection from the SMA line signals a bearish sentiment in the market at the current moment. 

MACD lines have made a bearish crossover. Also, histogram bars are being formed below the mean line but of decreasing height indicating a neutral to bearish sentiment in the market.

Conclusion

Cardano price prediction concludes that the price has been falling since June 2023 after losing a key support level. They tried to recover but failed to break the previous high. The price is now in a downtrend and may reach the next demand zone. The price faces resistance from a trendline. They needs more buyers to push it higher. The short-term and long-term trends are bearish. The price may turn bullish if it breaks the trendline.

Technical Levels

• Support levels: $0.2579 and $0.2338.
• Resistance levels: $0.3475 and $0.3852.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.