Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	11,196,336,592	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

11,196,336,592

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000019	0.000019	0.000019

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000019

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00002	0.000018	0.00002	0.000019	0.00000662 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00002

0.000018

0.00002

0.000019

0.00000662 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:50:51	597,878.00	0.000019	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:50:51

597,878.00

0.000019

USD

Price x Volume	Volume	Base Symbol	Related Pairs
50,052,300.12	176,722,783,682.05	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

50,052,300.12

176,722,783,682.05

Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

20/04/2023 7:30pm

NEWSBTC

The Cardano price has yet to turn completely bearish, but the bulls have abandoned the current price level. This has caused ADA to lose almost 3% in the last 24 hours. Despite this decline, the altcoin has retained some gains on the weekly chart, although most of these gains have been wiped out due to the recent price drop. The technical outlook suggests that ADA may soon fall into the hands of sellers as a drop has followed a slight decline in demand in accumulation. Related Reading: Polkadot Bears Are Back, Can DOT Revisit $7 Soon? While Cardano is still in a demand zone, breaching its immediate resistance mark could allow the bulls to regain control in subsequent trading sessions. With Bitcoin’s price falling below the $30,000 mark, other altcoins have also slipped below their immediate support level. However, if ADA can surpass the $0.42 level, it has the potential to rally significantly. A decline in ADA’s market capitalization indicates short selling on the one-day chart. Cardano Price Analysis: One-Day Chart At the time of writing, ADA was trading at $0.41. Overhead resistance for the altcoin stands at $0.42. A move above this level could potentially push the price to $0.46. Breaching $0.46 might even result in ADA revisiting $0.50. Cardano is currently within a strong demand zone, from $0.30 to $0.42. However, a drop from the current level could lead to a decline in price to $0.33. Falling from $0.33 may cause ADA to fall further to $0.30. In the last session, the amount of Cardano traded was red, indicating increased selling pressure and volume. Technical Analysis The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the market. The RSI formed a downtick in this case and stood below the 60-mark. This meant that the buying strength for Cardano was slowly fading out, indicating a shift in the market sentiment toward selling pressure. At the time of writing, as demand for Cardano started to fall. The cryptocurrency began displaying sell signals. The Moving Average Convergence Divergence (MACD) formed red histograms. This indicated that sell signals were being generated on the chart. In addition, Bollinger Bands, which measures an asset’s price volatility and fluctuation, began to widen, suggesting that Cardano’s price may encounter increased volatility. Related Reading: Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook? The upper band of the Bollinger Bands indicator will now act as crucial resistance for Cardano. Breaking above it will require a significant amount of buying strength. As with any cryptocurrency, the broader market’s strength will be crucial in determining how Cardano performs over the subsequent trading sessions. Featured Image From UnSplash, Charts From TradingView.com

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