• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Cardano

Cardano At $0.45, Which Levels Are The Bears Aiming For?

anushsamal by anushsamal
7 months ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Cardano has slipped considerably on its chart over the last week. After losing support at $0.62, ADA has been on a freefall. On the daily chart, the coin has been trading in a descending channel. ADA has now secured $0.42 as its immediate support.

Buying pressure has fallen on the chart as ADA has continued to display bearish sentiment. The bulls have been favouring the sellers and if it continues to do the same, the coin might break below the aforementioned support level.

From the technical outlook it appears the Cardano might continue to descend further before it registers an upward movement. A strong revival cannot be predicted just yet, however, if buyers re-enter the market the coin could witness some relief.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

The global cryptocurrency market cap today is $914 Billion with a 0.3% positive change in the last 24 hours.

Cardano Price Analysis: Four Hour Chart

Cardano
Cardano was priced at $0.46 on the four hour chart | Source: ADAUSD on TradingView

ADA was trading at $0.46 on the four hour chart. As the coin broke the $0.62 level, the coin has depreciated in value substantially. Over the last week, the coin lost close to 4.8% of its market value. Over the past couple of days, the coin has mostly oscillated between $0.47 and $0.45 respectively.

Local support for the coin stood at $0.42, while the resistance for ADA was at $0.53. As buying strength has remained low, a move above the $0.47 mark seems difficult.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The amount of ADA traded diminished significantly indicating bearish pressure. The volume bar was red signifying negative price action on the chart.

Technical Analysis

Cardano
Cardano registered fall in buying strength on the four hour chart | Source: ADAUSD on TradingView

The altcoin displayed a fall in buying strength after it tried to recover shortly on the chart. The fresh decline on the chart pushed buyers outside the market. The Relative Strength Index depicted a downtick as the indicator was parked near the 40-mark.

This indicated that sellers outnumbered buyers in the market. On the 20-SMA line, ADA was below the 20-SMA line which signalled that sellers were driving the price momentum in the market. If demand returns then ADA would push itself over the 20-SMA line gathering some bullishness over the next trading sessions.

Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls

Cardano
Cardano displayed decreased capital inflows on the four hour chart | Source: ADAUSD on TradingView

In accordance with the falling buying pressure, capital outflows also increased. The Chaikin Money Flow depicts capital inflows and outflows in the market. CMF was seen below the zero-line, which meant that capital inflows have remained lesser than outflows.

This meant that selling pressure has mounted in the market. The Directional Movement Index portrays the price momentum and possible reversals.

The DMI was bearish as the -DI line was above the +DI line. The ADX (red) was nearing 20 displaying that there was weakness in the current price momentum.

For Cardano to experience northbound movement, buyers need to take over the market.

Suggested Reading | Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?

Featured image from The Forbes.com, chart from TradingView.com
Tags: ADACardanoprice analysis
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

GameFi

Top 5 GameFi Cryptos To Watch This February

20 mins ago
Santiment Explains Why Bitcoin Saw A Pullback During The Past Day

Santiment Explains Why Bitcoin Saw A Pullback During The Past Day

36 mins ago
As Bitcoin Prepares for Bull Run, Could Projects Like Meta Masters Guild Shape the Crypto Market?

As Bitcoin Prepares for Bull Run, Could Projects Like Meta Masters Guild Shape the Crypto Market?

1 hour ago
Solana SOL

Solana (SOL) Is The Biggest Opportunity This Cycle, Venture Capitalist Claims

4 hours ago
Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

8 hours ago
bitcoin price bull

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

13 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Best Penny Cryptos To Buy Now To See 10x Gains in 2023

January 31, 2023

Get In Early – These 6 Crypto ICOs Are Ready to Boom in 2023

January 31, 2023

CoinEx Makes Crypto Trading Easier via Fiat-to-Crypto Services

January 31, 2023

QI Blockchain Ecosystem: The Fastest Growing Ecosystem in the World

January 31, 2023

Gold & Silver Standard And MRHB DeFi Announce Partnership To Offer Fully-Compliant Platform For Islamic Investors

January 31, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.