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.
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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.
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.
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