- Cardano struggles near $0.90 support, but RSI hints at potential price rebound.
- Increased trading volume signals investor activity despite bearish ADA price action.
- Breaking $1.10 resistance could mark bullish momentum for Cardano in 2024.
Cardano (ADA) is mirroring its 2020 trends, prompting discussions about possible bullish targets between $4 and $6. Despite recent struggles, ADA’s historical patterns and technical indicators suggest a potential turnaround.
At press time, Cardano trades at $0.9555, reflecting a sharp 14.7% decline over the past 24 hours. This increased market activity, marked by a 104.94% spike in trading volume, highlights significant investor engagement during the sell-off. Key support and resistance levels, along with technical signals like RSI and MACD, will play a critical role in shaping ADA’s short-term trajectory.
Steep Drop Raises Investor Caution
Cardano has seen a steep drop from its recent high of $1.20 to $0.9555, due to strong selling pressure, significantly reducing its market capitalization and denting investor confidence.
Despite this bearish trend, the price could find immediate support at the psychological level of $0.90. If bearish sentiment intensifies, $0.85 may act as another key level to watch. Conversely, recovery efforts must overcome immediate resistance at $1.00. A breakthrough above $1.10 could signal renewed bullish momentum and a shift in market sentiment.
Technical Indicators Suggest Oversold Market
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Short-term technical analysis suggests Cardano may be nearing a reversal. The 1-day RSI stands at 30.32, indicating that ADA is oversold and due for a bounce. However, the MACD is still trading below the signal line, signaling continued downward momentum. These mixed signals call for cautious optimism, as a price rebound could hinge on increased buying interest and broader market stability.
Cardano Price Prediction for 2024: Cautious Optimism
As per Changelly blog 2024 price prediction for Cardano presents a mixed scenario. Analysts project a minimum price of $0.94 and a maximum of $1.03. The average trading price is expected around $1.11, reflecting cautious optimism for modest recovery.
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