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Bears Looking To Ignite 16% Drop for ADA’s Price in Coming Days


coinedition.com 17 January 2023 09:28, UTC
Reading time: ~2 m

The price of Cardano (ADA) has fallen 3.08% over the last 24 hours according to CoinMarketCap. The altcoin’s price also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.86% and 2.53% respectively. At press time, ADA is trading at $0.3498.

4-hour chart for ADA/USDT (Source: CoinMarketCap)

ADA’s price is now resting on the support level at $0.3464, which is also the current level of the 9 and 20 EMA lines on ADA’s 4-hour chart. If this level fails to hold, then ADA’s price will drop to $0.3324 – the next support level.

A break below this level will see ADA’s price target the support at $0.3077. Given the current price of ADA, this will constitute a 12.03% drop in price.

Although the 9 EMA line is positioned bullishly above the 20 EMA line on ADA’s 4-hour chart, the 4-hour RSI line is positioned bearishly below the 4-hour RSI SMA line. The 4-hour RSI line is, however, sloped positively towards the overbought territory and may cross bullishly above the 4-hour RSI SMA line in the next 4-12 hours. This may flip ADA’s 4-hour chart to bullish.

Daily chart for ADA/USDT (Source: CoinMarketCap)

Looking at ADA’s daily chart, a key support level that investors and traders will need to keep an eye on is $0.3338. If this level fails to offer the necessary support to ADA’s price, then the next target will be $0.2921.

The 9-day EMA line, which is currently bullishly positioned above the 20-day EMA line, is offering ADA’s price some support. Bears are, however, looking to break below the support offered by the aforementioned EMA line, as is evident by the amount of sell volume that has entered the market in the last 3 days.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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