Cardano Price Analysis: Will Cardano Survive in The Future?

• The price of Cardano is trading near $0.265059. The coin’s price rose by 0.80% in the last 24 hours.
• The Cardano price is observing a decline of –4.79% in the last 7 days.
• The Cardano market cap is at $9215407965.

ADA takes a massive dip of 30% this month and the reason behind this fall is Robinhood, the popular trading platform. It announced its intention to delist some major coins including Cardano (ADA). In reply to the increased regulatory scrutiny on cryptocurrency exchanges, Robinhood has decided to not give any support to Cardano(ADA), Polygon(MATIC), and Solana (SOL). These tokens are top digital currencies and will no longer be available on the commission-free trading platform starting from June 27th.

Confirming the earlier speculations, Robinhood made an official announcement regarding the delisting of assets designated as investment contracts by the United States Securities and Exchange Commission (SEC). In response to this development, the trading platform has advised its users to transfer their assets before the designated deadline. This move by Robinhood aligns with the increasing regulatory scrutiny on cryptocurrencies and the need to comply with securities regulations.

Cardano (ADA) Price Analysis

Cardano Price is currently trading below the 200-day EMA and 50-day EMA on the daily time frame, which is a negative sign. Investors’ sentiments regarding Cardano are negative and are on the selling side.

 Right now, MACD is giving a bearish signal. The MACD line at -0.2948  and signal line at  -0.02376 are below the zero line which suggests the MACD is in negative territory and giving the bearish signals.

The current value of RSI is 22.20  points and the 14 SMA line is currently below the median line around 27.31 points which shows bearish sentiment in the market. The 14 Day SMA line beneath the median indicates a negative trend or bearish sentiment in the market as the price is currently at an oversold zone.

In the stochastic RSI, the %d line is at 2.23  and the %k line is at 3.96 points. The %d line indicates that RSI is in the overbought zone. The K percentage gives negative signals regarding price.

Technical Levels:

• Support – The current support level of Cardano is $0.24063.

• Resistance –The current resistance level of Cardano is $.0.325.

 Conclusion

According to the analysis, the indicators show a bearish signal. The price is under the control of bears, and it is expected to fall more in the near future. 

Cardano’s price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD are giving negative signals about the Cardano coin. Investors are also not showing any significant buying interest and this could be happening because of the consistent negative performance of the coin. If the coin breaks the current level, then the chances of the coin falling further may also increase.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not be taken it as financial, investment, or any other trading advice. Investing in or trading crypto coins may be risky. Please consider your circumstances and risk profile before making any investment decisions.