TL;DR Breakdown

• Cardano price expected to fall to $1.00
• ADA faces resistance at 1.20 and further above at $1.30
• The closest support level lies at 1.15

After finally climbing past the $1.5 mark, Cardano price failed to continue its bullish rally, and the price has dropped to just below $1.2. While the price at press time holds just below $1.2, the bearish pressure is very strong, and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple’s XRP and BNB that record a -14.38 and a -3.88 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a -2.67 and a -5.05 percent decline, respectively.

Technical indicators for ADA/USDT

Across the technical indicators, the MACD exhibits declining bearish momentum as observed in the light red histogram. It has remained bearish for the past four days, and the indicator has dropped to below -0.0300. Across the EMAs, 26-EMA is trading above the 12-EMA while both EMAs fall.

The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past five days. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Cardano price. Meanwhile, as the price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.

Overall, the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting a bullish retracement. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and issues a weak sell signal, with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Cardano price?

Traders should expect Cardano price to continue falling as the price returns towards the $1.00 support level. The negative technical indicators and the bearish mid-term technical analyses suggest sideways movement at the $1.00 mark before the price can initiate another trend.

Conversely, if the Cardano price is able to break above the $1.30 mark, ADA would return to retest the $1.40 mark. However, given the lack of bullish momentum, that is unlikely to happen in the next few days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/cardano-price-prediction-2021-04-20/