Cardano Price Prediction: Is $0.3 Next For ADA Price?

Cardano Price Analysis: While the FUD in the crypto market continues to rise, the ADA price is struggling to sustain on higher grounds. For over two weeks, the Cardano price has remained within a confined range spread from $0.38-and-$0.35 level. However, this consolidation is hovering above the long-coming support trendline of the channel pattern which maintains the overall trend bullish.

Key Points:

• A breakdown below the support trendline will prolong the prior downtrend in the ADA price
• The daily EMAs(20, 50, and 100) moving near the $0.38 level adds more selling pressure
• The intraday trading volume in the ADA coin is $112.3 Million, indicating an 11% loss

Source- Tradingview

On May 18th, the Cardano coin price turned down from a local resistance of $0.38. The resulting reversal aligned with market uncertainty plunged the ADA price for straight four days which recorded a 5.4% loss.

By the press time, the ADA price trades at $0.359 and shows a breakdown attempt from the long-coming support trendline. This lower trendline of the channel pattern has maintained a steady rally for the past four months and maintains the overall bull trend.

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Therefore, a breakdown below this support with a daily candle closing will accelerate the selling pressure on the Cardano coin. The potential downfall will more likely tumble the prices by 17% to reach the next significant support of $0.3.

Conversely, if the prices continue to witness above the support trendline, the buyers may rechallenge the $0.38 mark. This breakout will signal a new bull cycle within a channel pattern.

Technical Indicator

Bollinger Band: Along with support trendline breakdown, the ADA price will also challenge the lower band of the BB indicator suggesting an opportunity for momentum selling.

Moving Average Convergence Divergence: The flattish MACD(blue) and signal(orange) line highlights an indecisive trend in Cardano

Cardano Coin Price Intraday Levels

• Spot price: $0.359
• Trend: Down
• Volatility: Low
• Resistance level- $0.37 and $0.39
• Support level- $0.355 and $0.334

Source