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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano ADA Trades Below The $0.41 Mark, Will It Break The Barriers?

Eli Dambel
Eli Dambel
2 years ago
3 mins read
Cardano ADA

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Cardano (ADA) coin has captured the interest of investors and holders with its recent price drop below the $0.40 mark on April 25. This notable price dip left everyone wondering if Cardano (ADA) will break this barrier, which has proven significant in recent trading sessions.

However, today April 26, the general market is recovering as the global market cap gained over a 4.5% increase in 24 hours. The marker-wide rally has pushed ADA back to the $0.40 mark with a massive gain of 6.93% in 24 hours.

Related Reading: Solana (SOL) Plunges Over 13% – Will It Bounce Back?

The ADA price has been trending downward for the past 7 days, and the coin is finally gaining momentum. Only time will tell if Cardano ADA can surpass the $0.41 resistance level and trade above it in the coming days. 

ADA Price Trend

The recent price fluctuation in the crypto market harmed Cardano (ADA)’s price, causing a significant loss in its market capitalization.

The Cardano market cap is currently at $13.9 billion with a $267 million 24-hour trading volume. According to CoinMarketCap data, Cardano (ADA) is now the seventh biggest cryptocurrency.

Cardano’s price drop yesterday, April 25, may have been caused by several variables, such as market sentiment generally and shifts in investor perceptions.

Also, the fluctuations in trading volume, regulatory announcements, or market news that impacted the cryptocurrency market may have played a huge role too. The chart below shows the potential support and resistance levels for Cardano (ADA) in 2023.

While buyers are trying to build a bullish momentum, ADA is still found at the $0.40 zone and might break the support zone of $0.38 if the sellers increase the selling pressure.

Related Reading

Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?

Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?

2 years ago

The $0.38 level of support has maintained steady during the retest earlier this week and can act as a driving force for a higher valuation. Cardano’s price may surpass its resistance level of $0.42 if the bulls completely control the market.

On the other hand, if bears take control of the trend, ADA’s price could fall below $0.30 and might hit $0.2777

Cardano (ADA) Price Prediction

The Simple Moving Average (SMA) indicates a potential trend reversal as the 50-day SMA changes directions. The 50-day SMA is trying to cross below the 200, forming a death cross. This action may generate a bearish signal and indicate a potential selling opportunity.

Cardano ADA Trades Below The $0.41 Mark, Will It Break The Barriers?
ADA surges on the chart l ADAUSDT on Tradingview.com

The Relative Strength Index (RSI) is above the neutral level and is heading toward the overbought zone, which might ignite a potential price correction. 

The MACD line is above the signal line, indicating a potential buy opportunity. The histogram is slightly above the zero line and is also increasing in size; this means bullish momentum.

Featured image from Pixabay and chart from Tradingview.com

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Eli Dambel
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future.

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You can follow Eli on Twitter: @EliDambel

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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