07 December 2022 : In this article we will walk you through Cardano price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Cardano, Is ADA a good investment? Cardano support & resistance levels etc. But before diving deep into the ADA technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $840,518,462,168. The total trading volume stands at $38,753,360,477. Bitcoin shares 38.55 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,850.24 level after a decline of -0.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.01 percent reaching to $1,229.71 during the previous 24 hours.
While publishing this blog, BNB traded at $283.98, following a price change of -1.73%within the same time frame. XRP the native coin of XRP is down by -1.82 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -3.87% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Cardano (ADA)
|ADA Resistance Levels||ADA Support Levels|
|Resistance Level 1||$0.40||Support Level 1||$0.35|
|Resistance Level 2||$0.42||Support Level 2||$0.33|
|Resistance Level 3||$0.44||Support Level 3||$0.30|
ADA has recorded a downtrend, losing -2.18% in last 24 hours. The current value of Cardano is hovering at $0.31 with the trading volume of $225,569,887.00 USD in the same timeframe. The overall marketcap for ADA is $10,659,485,607.00 USD while the coin price changes -3.11% over the week.
ADA price analysis for 07 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Cardano.
|Simple Moving Average (10)||0.38||Sell|
|Exponential Moving Average (10)||0.38||Sell|
|Simple Moving Average (20)||0.41||Sell|
|Exponential Moving Average (20)||0.40||Sell|
|Simple Moving Average (50)||0.44||Sell|
|Exponential Moving Average (50)||0.44||Sell|
The ADA/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While ADA’s Williams %R indicator is at -72.644 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying oversold phase while trading at 13 and is trying to break out of the bearish zone while highlighting massive bearish strength. The coin is going down as it break below two crucial support levels of $0.35 and $0.33. The market is not suitable for bulls and bears might take ADA towards the next support at $0.30.
There had been a negative trend for some time and it seems that the coin's recuperation will continue as long as it remains in the reddish area. You should only acquire crypto right now if you're prepared to hold it through the ups and downs of the crypto market.