What’s Next For Cardano Price As It Auctions At $0.31?

The Cardano price continues to suffer a downtrend throughout the month of November. Over the last 24 hours, ADA registered a 0.6% depreciation. ADA’s next upcoming trading sessions remain crucial as the market is expected to move out of lateral trading.

Depending on how quickly it breaks through its current resistance. The bears continue to pull down the price level. Bears will continue to succeed if ADA doesn’t claim the $0.36 price.

A buying resurgence could help ADA move upwards, marking the start of bullish price action. Continued demand for the coin can also potentially form a rally. The overhead hurdle of $0.32 remains crucial for the altcoin. Today’s global cryptocurrency market cap is $879 billion, with a 0.0% change in the last 24 hours.

Cardano Price Analysis: One-Day Chart

Cardano was priced at $0.31 on the one-day chart | Source: ADAUSD on TradingView

ADA was exchanging hands at $0.31 at press time. Over the last 24 hours, Cardano’s price witnessed an increase in buying pressure. Immediate resistance for ADA is awaited at $0.32. After overtaking the aforementioned price mark and flipping it into a support floor, there are chances of ADA appreciating by 18%.

Moving above the $0.32 price mark will propel the asset price to $0.36 first and then to $0.38. On the flip side, if ADA cannot break past the $0.31 level, it will cause the coin to fall to $0.29. The amount of Cardano exchanged in the past session was in green, indicating that demand grew for the altcoin.

Technical Analysis

Cardano registered an uptick in buying strength on the one-day chart | Source: ADAUSD on TradingView

Since November 26, the coin has registered a slight growth in buyers. The Relative Strength Index shot slightly past the 40-mark, noting a slight increase in demand.

The buying strength, however, continues to be neutral. The price of the altcoin was below the 20-Simple Moving Average. This reading indicated that the selling pressure continues to dominate as sellers drive the market’s price momentum.

Cardano depicted downward movement on the one-day chart | Source: ADAUSD on TradingView

ADA has also witnessed mixed signals on the one-day chart. Per the buying strength, the Oscillator also started to depict positive price action. The green signal bars on AO were the buy signal for the coin.

On the other hand, the Parabolic SAR signaled that downward price movement. The dotted lines were above the price candlestick, indicating that the bears continue to drive the price action in the market. ADA must cross the $0.32 threshold for bullish forces to take over.

Featured Image From UnSplash, Charts From TradingView

by anushsamal on November 28, 2022 at 12:20AM