Cardano Price Analysis: ADA Is Glaringly Impotent To Make A Notable Move

  • Major support level: horizontal support at $0.039
  • Major resistance level: confluence of two Fib levels at $0.052
  • Upside potential: picking up volume to slash through couple of Fib levels to reach the mentioned resistance
  • Downside potential: dropping down to the support at $0.039 or, in case of a stronger sell-off to $0.034

ADA is currently at $0.41 or 502 sats, being positive in the last 24 hours on the both pair by 1.19% and 1.72% respectively. However, trading volume is, as it often is the case with ADA, very low which makes any potential move up less likely.

Since ADA price movements are highly susceptible to the market wide oscillations, we will first examine the total market cap before delving into the Cardano price analysis.

Total market cap analysis

Broad crypto market is stuck in the area between $220 and $230 billions. If we plot a chart of its price action, we can see that the market is hovering above a strong support area of $214 billion (data from Tradinview, off by approx $8 billion to CMC data).

The price is squeezed between the EMA20 and horizontal support line at $216 billion.

If we zoom out and throw a glance on the weekly chart price action, we can see that the price might touch on the Fib382 level at $205 before bouncing back up to the Fib50 at $240 billion.

We need to take this into account before charting any individual coin price action.

Read our updated review of Cex.io exchange here.


ADAUSD

  • Major support level: horizontal support at $0.039
  • Major resistance level: confluence of two Fib levels at $0.052
  • Upside potential: picking up volume to slash through couple of Fib levels to reach the mentioned resistance
  • Downside potential: dropping down to the support at $0.039 or, in case of a stronger sell-off to $0.034
  • Most likely scenario: lingering in the borders of these two support-resistance heights, unable to make a more noteworthy move in either direction.

ADA is idling above the major support zone of $.034 with no sign of strength to get itself unstuck from this level. It is hovering right on the EMA20 and below MA50 which would act as a first notable resistance at the $0.44 zone.

Read our updated guide on best ADA wallets.

ADABTC

  • Major support zone: 457 sats
  • Major resistance zone: 524 sats where it already got rejected two times
  • Upside potential: bursting through the resistance at 526 sats to recover the losses from September and reaching 650 sats height, since there are no major obstacles above the 524 sats zone.
  • Downside potential: dropping to the 457 sats zone. If that one fails to hold, hitting the local bottom at 402 is the next most likely option.

Smaller time frames illustrate ADA gathering pace after the small dip, getting ready to test the 524 zone. If it gets spurned at that height again, that would make a double top pattern, a bearish reversal formation that would send ADA back to the square one.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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