Connect with us
Active Currencies 17760
Market Cap $4,027,459,440,532.00
Bitcoin Share 59.17%
24h Market Cap Change $-2.62

Cardano: Is $1 still on the cards for ADA’s price prediction?

2min Read

The OBV and RSI indicators signaled a bearish bias for Cardano on the 12-hour chart.

Cardano is trading at a key resistance level- should we expect $1 or $0.52 next?
Share this article

  • Cardano reflected a positive outlook on-chain, but the price action differed.
  • The short-term downtrend has not halted despite the recent bounce.

Cardano [ADA] retested a support level at $0.58 on 20th March and bounced higher. This pushed ADA to retest the $0.63 resistance zone, which had served as support just a few days earlier.

AMBCrypto reported that Cardano’s development activity eclipsed that of Ethereum’s [ETH] in March. Recently, its active addresses also saw a large uptick, and transaction fees reached a two-year high.

The 4-hour order block was problematic

ADA 12-hour Chart

Source: ADA/USDT on TradingView

Earlier this month, ADA broke out of a 3-month range (purple) whose highs were at $0.68. The $0.63-$0.68 region was a resistance zone from the 4-hour chart’s price action back then. When retested as support a few days earlier, the bulls failed to defend it.

Hope is not lost for the bulls. This breakdown saw the 61.8% Fibonacci retracement level retested. The $0.586 and $0.525 levels were crucial support levels. A drop below $0.447 would indicate a downtrend was in play on the 12-hour and daily timeframe.

The OBV trended downward over the past ten days. The RSI has been below neutral 50 since the 15th of March when ADA dropped below $0.7. This signaled that further drops in price were likely.

Examining the closest pocket of liquidity

ADA Hyblock

Source: Hyblock

AMBCrypto’s analysis of the liquidation levels heatmap data showed that there were two regions of interest. The $0.52-$0.54 area and the $0.81-$0.835 area could prove pivotal for ADA in the long run.


How much are 1, 10, or 100 ADA worth today?


The liquidity pocket near $0.5 was closer, and Bitcoin [BTC] has still not finished its lower timeframe pullback.

Therefore, a drop to $0.52 to collect this liquidity was expected. It would present an ideal long-term buying opportunity. On the other hand, if ADA climbs above $0.7, it could be headed to the $0.83 zone next.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Share
Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.
Thank you for subscribing to Unhashed.