Cardano Price Analysis: ADA Coin Needs To Sustain Above 200-EMA

  • The price trend of ADA coin is in a downtrend during an intraday session.
  • ADA/BTC pair is trading negative by 3.1% at 0.00003717 BTC
  • The 24-hour trading volume in Cardano is $1.230 Billion
Source: ADA/USD on TradingView

The daily technical chart of the ADA coin was showing sustainability above 200-EMA. According to Pivot points (FIB), the critical support level for ADA is $1.08. However, if it makes a move above, the fundamental resistance level is $1.42. Meanwhile, the chart shows a Doji star candlestick pattern, which indicates a sideways trend reversal with high reliability.

The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. However, investors can observe the price sustains above the EMA-200, ensuring an uptrend until the price stays above the EMA-200.

Volume of (550.95K) is beneath the MA of 20-days (1.25M). Selling pressure is low in ADA, making its price remain in negative zones. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The CCI indicator gave an (Oversold) signal with -197, projecting a sell signal in the coin. As a result, investors may observe a declining slope from -3 to -197. On the other hand, it may surge in future trading sessions.

Cardano (ADA) Coin Bears May Hunt The Price if Broken Below Support

ADA Coin price is at $1.17, with a daily gain of 3.5% and a weekly gain of 13.7%. In addition, the price got rejected from the pivot level and sustained above 200-EMA. The CCI indicator shows a sell signal, and the traders have guided the low trading volume. Technically, the price is showing strength and sustains above the support level and 200-MA. Therefore, as with overall market sentiment, the trend remains bearish.

Resistance: $1.42

Support: $1.08

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