HomeBITCOINIs there enough support at $0.27 to stop the decline?

Is there enough support at $0.27 to stop the decline?

Published on

Cardano (ADA) has experienced fluctuations in the cryptocurrency market, facing challenges in its price recovery rally. Currently, ADA is trading at $0.261, showing a modest 1.7% gain in the past 24 hours and a seven-day rally of 4.9%. However, there are signs of growing overhead pressure that could limit ADA’s upward momentum.

ADA’s attempt to reclaim its previous highs is hindered by the $0.26 mark, with multiple layers of resistance above it, indicating significant supplier congestion levels. The price recovery is stalling due to these barriers.

Cardano: Key Insights

To gain a deeper understanding of ADA’s current price dynamics, we analyze the data and find that there is significant buying interest at $0.25, with over 600,000 ADA buy limit orders placed at this level. This suggests that if ADA can surpass the range-high and the 50-day Exponential Moving Average (EMA), it may find support around $0.25.

On the sell side, key sell limit orders are emerging between $0.265 and $0.270, indicating substantial selling pressure above the current price levels.

ADA market cap currently at $9.1 billion. Chart: TradingView.com

The fate of ADA’s price also depends on Bitcoin’s performance. If Bitcoin experiences losses and dips below $27,500, ADA could follow suit and find support around $0.25. Conversely, a bullish rally in Bitcoin could pave the way for ADA to target its next hurdle at $0.28.

Technical Indicators Signal Caution

Technical indicators are raising caution flags for ADA investors. The Relative Strength Index (RSI) is currently below the 50 level and trending downward, indicating fading momentum. Furthermore, the Awesome Oscillator (AO) remains in negative territory, signaling a lack of bullish sentiment.

ADA  Global In/Out of the Money (GIOM) metric. Source: IntoTheBlock/FXStreet

Descent To Range Low Likely

Considering the current market conditions and technical indicators, analysts predict a bearish outlook for Cardano’s price. There is a possibility that ADA could descend to test the support floor at $0.2415. In a worst-case scenario, the price could drop further to the range low of $0.2200, representing a substantial 15% decline from current levels.

While Cardano has shown resilience with recent gains, the road ahead is filled with resistance levels, and Bitcoin’s influence remains a significant factor. Investors should closely monitor ADA’s price developments in these challenging market conditions. The cryptocurrency landscape is highly unpredictable, and ADA’s journey is far from certain.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from

Latest articles

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...

What is the difference between NVMe and M.2?

`` Over the last decade, solid-state drives (SSDs) have become the top choice for many...

More like this

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...
bitcoin
Bitcoin (BTC) $ 61,607.51 0.66%
ethereum
Ethereum (ETH) $ 3,387.92 1.15%
tether
Tether (USDT) $ 1.00 0.10%
bnb
BNB (BNB) $ 405.71 1.07%
solana
Solana (SOL) $ 126.49 2.78%
xrp
XRP (XRP) $ 0.610275 2.93%
staked-ether
Lido Staked Ether (STETH) $ 3,385.03 1.08%
usd-coin
USDC (USDC) $ 1.00 0.03%
cardano
Cardano (ADA) $ 0.71014 4.02%
dogecoin
Dogecoin (DOGE) $ 0.130647 11.75%