Cardano Price Prediction: Will ADA Make a Recovery to $0.5?

• Cardano price prediction shows a bearish dominance in the market.
• ADA price declined by 38.85% in one year.
• ADA token is trading on crucial levels.

Cardano (ADA) price prediction reveals that the market faces the domination of the bears as it declines sharply. ADA coin has been in a steady uptrend since the start of the year. The price jumped 88% to the daily resistance of $0.4367. However, the market couldn’t sustain above it for long, and the bears took control. Since then, the ADA token fell almost 40% from its current market price.

At the time of writing, Cardano (ADA) is trading at $0.2820. The market is down by 2.91% in the last 24 hours. The 24-hour trading volume witnessed a rise of 6.68%. The overall market cap for ADA is $9,850,932,057.

Will Cardano Reverse from Here ?

ADA’s price prediction indicates that the market is under a strong bearish influence. The price followed an uptrend with the support of an ascending trendline. ADA coin witnessed a breakdown of this trendline on 5th June 2023 which triggered panic selling. The bears smashed the support of $0.3055 and $0.3011 which sent the price to test its lower support of $0.2404.

The market briefly went below the support followed by a quick bounce as the buyers showed some interest. The Cardano (ADA) price has recovered 25% from the bounce and got a rejection at $0.3011 which now acts as a resistance. The price is getting consolidated after a strong bearish move. 

The price trades below the 200 EMA which justifies the strong downtrend. Meanwhile, the 9 and 15 EMAs have turned flight which indicates a sideways price action. The primary support of $0.2404 is very important to hold. A further breach may invite another downfall of almost 30% to the next support of $0.1697.

Can Bulls Push the Price Higher?

 On the 4-hour chart, the price is in a minor uptrend as a result of the bounce from the swing low. ADA price is moving up while taking support from an ascending trendline. This structure may represent a bear flag which is a bearish continuation pattern. The price got rejected at the 200 EMA and made its way back to the trendline. The bulls may try to push the price from here and break the resistance. Failure the do so may result in a sharp decline.

RSI

The RSI indicator is currently at 43.78 on the 4-hour timeframe. The price is in bearish territory and the market is weak. The prices are expected to move in down until RSI crosses 50.

MACD

MACD made a bearish crossover. The MACD and signal line has crossed the 0 line. This means the bears are gaining momentum which may drag the price down.

200 EMA

On the 4-hour chart, the price is trading below the 200 EMA. It indicates that the market is under sell pressure and the sellers are in control. The 200 EMA will act as a significant resistance. Prices are more biased toward moving down.

Conclusion

Cardano(ADA) price prediction reveals that the market faces the domination of the bears as it declines sharply. The price is in turmoil since the breakdown of a major trendline. The overall trend is bearish. Meanwhile, few investors are getting lured to the discounted prices and may seize this opportunity to buy the ADA token cheaply. Moreover, investors should exercise caution and follow strict risk management.

Technical Levels

• The nearest support: $0.3011
• The nearest resistance: $0.2404      

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 assets comes with a risk of financial loss.