Cardano Price Struggles to Continue: Here Is Why
The post Cardano Price Struggles to Continue: Here Is Why appeared on BitcoinEthereumNews.com.
Cardano’s (ADA) price is desperately holding onto the $0.35 support level amid attempts to send the altcoin further down the charts. Despite this, ADA is struggling to generate the momentum needed to reverse its downtrend. This analysis examines the challenges facing ADA and whether the support can withstand mounting bearish pressure. Cardano Faces Uncertain Path Ahead During the first days of October, Cardano’s price cratered to $0.30. After reaching $0.40 just days earlier, ADA, like many cryptocurrencies, began a decline. The downward trend raised concerns about a potential return to the $0.30 level. However, as of now, ADA has managed to stay above that point, with bulls defending the $0.35 support. Despite this resilience, the Exponential Moving Average (EMA) indicates that Cardano remains vulnerable to bearish trends. The EMA measures trend direction and uses particular crossovers to determine if the price might move in an upward direction or a downward slope. When the longer EMA crosses above the shorter one, the trend is bearish. On the other hand, if the shorter EMA is above the longer one, the trend is bullish. Read more: How To Buy Cardano (ADA) and Everything You Need To Know Cardano Daily Price Analysis. Source: TradingView The 20 EMA (blue) and 50 EMA (yellow) have nearly converged, signaling a critical moment for Cardano’s price. However, with the price sitting below both indicators, the likelihood of a bearish trend grows stronger. Supporting this outlook is the Average Directional Index (ADX), a key tool for measuring trend strength. When the ADX surpasses 25, it suggests a strong directional movement. In contrast, a reading below this level indicates weakness. For ADA, the current ADX stands at 18.86, suggesting that the recent upward movement lacks the strength to persist. Cardano Average Directional Index. Source: TradingView ADA Price Prediction: Bearish Pressure Mounts…
Filed under: News - @ October 5, 2024 10:08 am