- Cardano price analysis shows a downtrend.
- ADA has reached the lowest point of 2022, below key support of $0.3.
- Cardano’s next move could be a decisive one.
The recent market activity of Cardano (ADA) has facilitated speculation of a potential fresh low, as bearish activity has increased substantially. This top 9th cryptocurrency is now trading below the essential barrier at $0.3 – an indicator that suggests further downward pressure on pricing may be imminent.
Additionally, crypto assets are exhibiting powerful bearish signals that may propel the market to fresh lows soon. Cardano (ADA) has seen a sharp drop from $0.28 support levels to an all-time low of around $0.2491 in recent days.
This was followed by a swift recovery, raising hopes that the bearish trend could be reversed. However, Cardano’s price has so far failed to break above $0.3 resistance and is continuing its downward momentum.
The situation of ADA doesn’t seem to get any better in the near future, as experts predict that the downtrend could last beyond 2023. Currently, the price has experienced declines and is continuing to steady itself in readiness for a break-out above the $0.26 resistance zone. It may come across its first obstacle at 0.23 FIB level of $0.26 before advancing further upwards.
On the other hand, if Cardano fails to break through and surpass the 0.23 FIB level of $0.26, further bearish activity is expected to follow. This could potentially lead to a price dip as low as $0.2 in 2023, raising speculation about whether ADA will stay in the race or not come that time.
The technical analysis shows the ADA/USD is trading below the 200MA at $0.3, indicating a bearish trend and further losses are expected in the near term. Moreover, the EMA lines are expected to crossover, as the price action shows a bearish trend.
The market volatility is increasing as the Bollinger bands are stretching outwards. The lower band is expected to cross the 0.618 Fib level of $0.2 in the following months, potentially leading to a downward spiral and further losses for ADA/USD.
In conclusion, Cardano (ADA) is seemingly struggling with bearish pressure that could last well into 2023 and beyond. The Relative Strength Index is at the 27 levels, indicating that the market is oversold and could potentially experience a rebound in the coming.
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