Cardano Free Fall! ADA Price Primed To Hit $0.65 Soon, Here’s What Traders Should Do Now

The post Cardano Free Fall! ADA Price Primed To Hit $0.65 Soon, Here’s What Traders Should Do Now appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Cardano‘s price is currently heavily accumulating along the support zone, igniting constant flips again and again. However, the volatility rate has increased to a large extent and hence one can expect significant price movements in the coming days. Regardless of the direction, ADA price is primed to undergo a 10% or more change. But considering the present condition, the possibilities of a drain appears to be on a large side. 

Cardano(ADA) Price Analysis

• The ADA price ever since its rejection from the $0.8 levels maintained a parallel consolidation. 

• No doubt, it attempted to breakthrough the consolidation but ended up forming a huge fakeout as it dropped again into the channel

• Presently, the ADA price has diminished its resistance but elevated the support, hence forming a symmetrical triangle which is quite decisive

• Therefore, the accumulation may continue for another couple of days before a decent turn is undertaken irrespective of the direction. 

• If in case, the asset breaks out from the consolidation, then it may regain the levels above $0.8 else a drop from here could ignite a plunge below the support levels. This in turn may ignite a bearish trend to escort the price below $0.7.

Cardano(ADA) Technical Analysis

Technical Indicators

The ADA price technical analysis for the short-term points out towards a bearish trend. The RSI is hovering within the middle regions and is currently neutral and may head towards the induced volume. The MACD is also slightly bearish as a minor selling volume has accumulated that may drag the price slightly lower. 

The ADX, which indicates the strength of the rally is neutral while the ATR is less volatile meaning ADA price may not undergo huge price fluctuations. Interestingly, the bulls are pretty strong currently and hence a minute upswing may be expected

Pivot Levels

Moving Average(MA) -50:- $0.7977

Moving Average(MA) -200:- $0.8066

Resistance:- $0.815

Support:- $0.784