[ccpw id="5"]

HomeCoinsADACardano Price Consolidates, When Should You Short Again?

Cardano Price Consolidates, When Should You Short Again?


The Cardano price had increased over the weekend, but the coin showed lateral price movement at press time. Over the last 24 hours, ADA has dipped about 0.2%. The ADA has gained 4% in the last week, indicating a positive trend. According to the technical outlook, the Cardano price has not yet reversed its price action.
The downtrend continues despite the coin securing minor gains over the last few days. The buying strength remained low, which depicted lower accumulation as well. Cardano bounced back from oversold territory, but the selling momentum was still strong.
With the Bitcoin price falling and fluctuating between $16,900 and $16,600, altcoins have also seen choppy and undecided price movements. Following major market movers, ADA traded between $0.26 and $0.27, with the altcoin falling below the $0.25 price mark in the last 24 hours.
The market has presented signs where buyers can make an entry to make some gains over the shorter trading timeframe. The trading volume of Cardano was low, indicating a lack of buyers. ADA is trading 91% below its all-time high secured in the last year.

Cardano Price Analysis: One-Day Chart

ADA was trading at $0.25 at the time of writing. Because of the recent depreciation, ADA has lost its $0.26 support line. If buyers push harder, Cardano can be expected to trade above the $0.26 level again. The major mark of resistance for ADA stood at $0.28.
As per the technical indicators, Cardano price might lose the $0.25 level before it starts to make upward strides again.
That would mark an entry point for buyers and an appropriate shorting opportunity for traders. If the Cardano price fell below the $0.25 mark, the first support stood at $0.24 and then at $0.22. The amount of Cardano traded in the last session declined, signifying bearish price action.
Technical Analysis

Despite Cardano recovering from the undervalued zone, it still hovered close to the selling dominance zone. The Relative Strength Index was below the 40-mark with a downtick, which could lead to another fall in price before the altcoin makes a comeback.
The Cardano price was below the 20-Simple Moving Average (SMA) line, which meant sellers continued to drive the price momentum in the market. Traders shorting will make gains over the next trading sessions as ADA prepares to topple past the 20-SMA line.

Bearish conditions prevailed for Cardano, as the other indicators also pointed in the same direction. The Directional Movement Index (DMI), which demonstrates the price direction and strength, was negative. The -DI line (orange) was above the -DI line (blue), indicating that sellers had more strength in the market.
The Average Directional Index (red) was at 40, depicting increased strength in the current price direction. This reiterated that the bears were strong, which would mean another fall for ADA, which could benefit sellers.
The Moving Average Convergence Divergence portrays the price momentum. The indicator just painted one small green signal bar, indicating that buyers could find an entry point now to log gains over the immediate trading session.


Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still...

Litecoin Price Prediction: Bullish Break To $120 Still In Sight

Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100...

Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the...

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data...

Follow us

Most Popular