ADA/USD Price Drops Below $0.32

On Dec 6, 2022

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According to the daily chart, the Cardano price prediction slides below the moving averages as the coin trades below the $0.80 level.

Cardano Prediction Statistics Data:

Cardano price now – $0.31
Cardano market cap – $10.9 billion
Cardano circulating supply – 34.4 billion
Cardano total supply – 35.2 billion
Cardano Coinmarketcap ranking – #9

ADA/USD Market

Key Levels:

Resistance levels: $0.42, $0.44, $0.46

Support levels: $0.24, $0.22, $0.20

ADA/USD is heading towards the east. It is likely to cross below the 9-day and 21-day moving averages. Nonetheless, as the bears step back into the market, the Cardano price is likely to lose momentum below the moving averages along with a potential price surge.

Cardano Price Prediction: ADA May Follow the Downtrend

The Cardano price is moving sideways as the coin the bears move to return into the market. Meanwhile, a positive movement towards the upper boundary of the channel is needed to correct the immediate bearish pressure and take the coin back on the recovery trend. Once this is out of the way, the upside is likely to gain traction with the next focus at the resistance levels of $0.42, $0.44, and $0.46.

On the downside, the support level of $0.28 is likely to be broken, once this is done, the sell-off could gain traction with the next focus at the nearest support level of $0.30. Therefore, if these levels are broken, the downside pressure may increase and the next support is created by the critical supports at $0.24, $0.22, and $0.20 as the technical indicator Relative Strength Index (14) may cross below the 40-level.

Against Bitcoin, the Cardano price is following a downward trend as revealed by the technical indicator, the signal of the Relative Strength Index (14) is seen sliding below the 40-level. Meanwhile, a low swing could push the coin to the support level of 1600 SAT and below.

ADABTC – Daily Chart

On the other hand, a rebound may occur if the buyers could defend the 1800 SAT and push it above the upper boundary of the channel which could help the coin to hit the potential resistance level of 2200 SAT and above.

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