• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • 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
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • 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
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Cardano

Bears Might Take Over Briefly Before Cardano Attempts To Touch This Level

anushsamal by anushsamal
1 month ago
in Cardano
Reading Time: 2 mins read
Advertisement

The Cardano price had attempted to reach the $0.38 level, but the bears have taken over, as seen on the daily chart. Over the last 24 hours, ADA has lost 3% of its value. In the previous week, the altcoin has not made considerable price movement, which implies that the altcoin is rangebound.

ADA fell by 3% in the weekly chart too. With the Bitcoin price slipping on its chart and falling below the $23,000 mark, other altcoin price movements have been hampered. As demand for the altcoin fell, the technical outlook for ADA suggested that the bulls had been defeated.

Related Reading: Shibarium Hype Hits Its Peak As 1.3 Million Wallets Hold SHIB

Accumulation also fell as there was a loss in demand for the altcoin. Moving past the $0.40 price level will help present a buying opportunity for ADA traders.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As the coin lost its crucial support line of $0.38, buyer confidence dipped, which can cause the altcoin to fall briefly before it attempted to make a return. Currently, ADA is 88% lower than its all-time high, secured in 2021.

Cardano Price Analysis: One-Day Chart

Cardano
Cardano was priced at $0.37 on the one-day chart | Source: ADAUSD on TradingView

ADA traded at $0.37 at press time after losing the $0.38 support level. It is too early to tell if Cardano will attempt to break through $0.38 anytime soon. Indicators, however, highlight the chance of further price depreciation.

Moving above the $0.38 resistance will be challenging, but ADA can also expect to face a barrier at $0.40. If Cardano continues to lose demand, it will soon fall below the current price level and settle at $0.34 before it retraces further.

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

If ADA touches the $0.34 level, the altcoin can attempt to propel the price again. The amount of Cardano traded in the last session was low, suggesting a fall in buying strength.

Technical Analysis

Cardano
Cardano registered a fall in demand on the one-day chart | Source: ADAUSD on TradingView

The buying strength came crashing as soon as ADA fell off the $0.38 support line. The Relative Strength Index moved close to the half-line depicting sellers attempting to take over the market.

Although the indicator was near the half-line, buyers still had some leverage, but another fall in demand will cause the ADA to witness a surge in selling strength.

The Cardano price fell below the 20-Simple Moving Average (SMA) line over the past few trading sessions as sellers were starting to drive the price momentum in the market. As the altcoin was still above the 50-SMA (yellow) line, it was a sign that demand could appreciate with buyers stepping in.

Cardano
Cardano formed sell signals on the one-day chart | Source: ADAUSD on TradingView

Sell signals were also visible on the chart, which meant that ADA might take another plunge before it recovers. The Awesome Oscillator shows the price momentum and strength of the same. The indicator depicted red histograms above the half-line as an indication to sell.

Related Reading: XRP Price Prediction: Risk of Bearish Break Below $0.38

This was a bearish signal for the altcoin. Regarding buying strength, the Chaikin Money Flow, which portrays the capital inflows and outflows, was resting on the half-line after the downfall. This meant a fall in capital inflows for ADA.

Featured Image From UnSplash, Charts From TradingView.com
Tags: adausdADAUSDTCardanocrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Bitcoin Market Dominance Hits 9 months High as Altcoins Turn Red

Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red

4 days ago
Cardano

Cardano May Touch $0.30 But These Price Levels Are Vital For The Coin

1 week ago
Crypto Firms Should Ditch Banks To De-risk From Volatile Systems, Says Cardano Founder

Crypto Firms Should Ditch Banks To De-risk From Volatile Systems, Says Cardano Founder

1 week ago
Cardano

Cardano Might Turn Around If It Moves Above These Two Levels

2 weeks ago
Cardano (ADA) holders

Cardano Investors Suffer As Vast Majority Of ADA Holders Nurse Losses

2 weeks ago
Cardano (ADA) price down by 5% in 7 days. Here's why

Cardano (ADA) Price Down 5% In Last 7 Days – Here’s Why

3 weeks ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

ScalingX and Buidlbox Partner to Host “The Hunt for X” Zero-Knowledge Tech Hackathon

March 22, 2023

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 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.

  • 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
  • Free Spins
  • Play Finance

© 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.