Cardano Shows Red Flags and Only One Bullish Signal
ADA has down from a long-term support line, it could be trading inside a descending wedge.
The Cardano (ADA) price indicates mixed signs on different timeframes. whether it bounces or breaks down from the $0.30 level could determine the future price trend.
The ADA price has been falling since reaching an all-time high of $3.10 on Aug 2021 the drop led to a low of $0.29 in Nov 2021.
This caused a breakdown from the long-term $0.35 horizontal support line the drop accelerated during November 2022.
ADA's next closest support area would be at a $0.15 drop from the current level. the weekly ADA price indicates that ADA price prediction is bearish momentum.
Furthermore, ADA provides a closer support area at $0.22 with a 0.5 FIB retracement support line.
The live Cardano price today is $0.305675 with a 24-hour trading volume of $240,485,418. Cardano is down 4.07% in the last 24 hours. The current CoinMarketCap ranking is #9, with a live market cap of $10,525,565,020. It has a circulating supply of 34,433,852,502 ADA coins and a max. supply of 45,000,000,000 ADA coins.
Cardano Price Statistics the ADA price change in 24 hours is -$0.01379 of 4.33% 24 hour low is $0.3014 and 24h High is $0.3192 with 1.28% Market dominance.
Will Cardano Price Boost?
The technical view from the daily graph indicates that the ADA price was rejected by the $0.43 resistance level it has been falling since it reached a maximum price of $0.44 before the rejection.
The first phase suggests that the ADA price is completing the fifth wave in the form of an ending diagonal the sub-wave count is in black which suggests that the bottom is very close.
Furthermore, the bearish count indicates that the Cardano price has completed only the first portion of the decrement and the downward movement will resume towards $0.15.
The ADA price will break down below $0.30 or a bounce will likely determine the future Cardano price forecast.