- Cardano crypto has bounced back to the 200-day EMA.
- The ADA crypto price has increased by 16% in the last 5 days.
Cardano’s price has been bullish throughout 2023 but has witnessed selling pressure since March. The price has been declining due to resistance from the trendline. The Cardano technical chart shows buyers have exhausted the $0.800 hurdle, and profit booking has occurred, leading to selling pressure.
The ADA crypto price has dropped to the $0.400 hurdle and bounced back to the trendline. At the same level, the trendline, 20-day, and 200-day EMA intersect so that it may face resistance, and short-term selling can be detected.
The current market price of Cardano is $0.516, which has dropped by 0.60% in the last 24 hours. The market capitalization is $18.41 billion, and the 24-hour trading volume is $394.86 million. The circulating supply is 35,630,191,950 ADA and the fully diluted market cap is $23.36 billion. The total supply is 36,812,929,523 ADA, and the maximum is 45,000,000,000 ADA.
Volume Has Kept Decreasing Since March
According to the data, the trading volume has dropped from $1.80 billion to $350 million, and the ADA crypto price has also declined accordingly. On April 13, the trading volume was pumped by 300% in a few hours, but the price was mostly the same. The Cardano price has increased for the last 2 days, but trading volume has stayed the same. This bullish momentum can be a trap and may melt back again.
Cardano Crypto Social Dominance and Social Volume Analysis
The graph of social dominance and volume displayed that the interaction about ADA crypto on social media has remained constant for the last few months. However, it has dropped in the previous few days, and the price has also performed negatively. Suppose the social dominance and volume increase and the price may outperform.
Cardano Technical Analysis Over Daily Timeframe.
Cardano price has displayed bearish momentum after a bullish rally. It has been falling through a trendline, and the price is currently near the trendline. Suppose the ADA crypto price faces resistance from the trendline and engulfs the previous few candlesticks, and then it may melt back to the $0.400 hurdle.
According to the data, the trading volume does not support the trend. If the Cardano price drops below the $0.400 level and sustains, sellers may drag the price to the bottom.
On the other hand, buyers may dominate if the Cardano price surpasses the 200-day EMA and trendline. If the trading volume increases, the price may approach the last swing high in a few weeks.
The technical indicators suggest that the Cardano price trades below the significant moving average. It has recently slipped below the EMAs, which showcases the mild bearishness. The MACD shows a golden crossover between the MACD and the Signal below the Zero line. The histogram has been converted to green, which indicates the buying signal. Overall, the technical indicators signal buying momentum.
Conclusion
Based on the technical analysis and market trends, it is difficult to predict whether Cardano’s price will extend to the $1 mark next month. While the recent bullish momentum has increased in ADA crypto price, the trading volume has not increased significantly, and there are still potential resistance levels that could limit the price’s upward movement. Additionally, Cardano’s social dominance and social volume have decreased in the last few days, which may indicate a decreased interest in cryptocurrency.
Technical Levels
Resistance: $0.610 & $0.800
Support: $0.400 & $0.350
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.