Cardano (ADA) price struggles to recover amidst bearish signals
As the altcoin market continues to face downward pressure, Cardano (ADA) is also experiencing a lack of bullish momentum.
Mixed signals abound for Cardano investors
While there are some positive indicators for Cardano, such as a bullish crossover on the Moving Average Convergence Divergence (MACD), investor participation in ADA remains at a low point. This lack of activity suggests that market sentiment towards the altcoin is cautious or indifferent.
Although the MACD signal could hint at a potential trend reversal, the limited investor participation may hinder any significant price movements in the near future.
Read more: A comprehensive guide on how to buy Cardano (ADA)
Additionally, the low activity level is triggering a sell signal, further complicating the outlook for Cardano’s price performance.
ADA Price Prediction: Consolidation expected
At its current price of $0.332, Cardano is struggling to break above the $0.346 resistance level. The altcoin is likely to trade sideways between $0.346 and $0.311 in the short term, with $0.311 serving as a crucial support level.
If Cardano manages to surpass the $0.346 resistance, it could target $0.375 as the next major hurdle. Breaking above this level would invalidate the bearish scenario for ADA.
Read More: Detailed Cardano (ADA) Price Prediction for 2024, 2025, and 2030
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