price analysis

Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably.

In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market.

Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry.

Cardano Price Analysis: Four Hour Chart

ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions.

price analysis

Cardano was priced at $0.50 on the four hour chart | Source: ADAUSD on TradingView

The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40.

Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound, which looks quite difficult, ADA could target $0.62.

Volume of Cardano displayed a red bar which is indicative of bearishness, it also means that the coin is experiencing sell off at the time of writing.

Technical Analysis

price analysis

Cardano was oversold on the four hour chart | Source: ADAUSD on TradingView

Cardano had tried to retest its $0.62 level in the past few days but the bears kept dragging the altcoin down. At the time of writing, ADA was trading far below the 20-SMA line. This means that sellers were driving the price momentum of the coin in the market.

After breaking from the downward trend, ADA had briefly tried to rally which had made the coin revisit the overbought zone as buyers gained confidence for a brief span of time as seen on the Relative Strength Index. Following this however, ADA barely recovered in terms of buying strength as the coin continued to juggle between the oversold zone and underbought zone.

price analysis

Cardano displays bearishness on the four hour chart | Source: ADAUSD on TardingView

Ongoing bearish thesis has dampened the spirit of investors, the coin is currently experiencing a distribution phase owing to a sell-off.

The Chaikin Money Flow which determines capital outflows was seen below the halfline. This reading signified that capital outflows were far greater that inflows.

Awesome Oscillator that tells the price momentum, indicated amplified red histograms. Red histograms underneath the zero-line means bearish price action for the coin.

Featured image from UnSplash, chart from TradingView.com

TECH NEWS RELATED

Stripe Taps OpenNode, Lightning Network to Resume Bitcoin Payments

The payments company is partnering with OpenNode to let customers convert funds into Bitcoin for the first time since 2018.

View more: Stripe Taps OpenNode, Lightning Network to Resume Bitcoin Payments

Crypto 'Has to Become Invisible' to Reach Mainstream: Mastercard Exec

Crypto needs to become an “invisible” part of the financial system to enable mass adoption, a Mastercard executive recently explained.

View more: Crypto 'Has to Become Invisible' to Reach Mainstream: Mastercard Exec

Crypto Industry’s Custody, Ownership Rights Are 'Fundamental Problems' That Need Solving - US Official

Michael Hsu. Source: a video screenshot, Philadelphia Fed / YouTube The recent collapse of the TerraUSD (UST) stablecoin has demonstrated that custody and ownership rights are underdeveloped for the size, scope, and ambitions of the crypto industry, according to the US Acting Comptroller of the Currency Michael J. Hsu. ...

View more: Crypto Industry’s Custody, Ownership Rights Are 'Fundamental Problems' That Need Solving - US Official

Cryptoassets pose growing risk to global financial stability, ECB warns

The European Central Bank (ECB) has warned that cryptoassets pose a major risk to global financial stability in its bi-annual review. The ECB review said that closer connections between the cryptoassets industry and banks could damage the global economy, with the recent ‘cryptocrash’ highlighting the volatility of digital assets. ...

View more: Cryptoassets pose growing risk to global financial stability, ECB warns

Sam Bankman-Fried to Spend Up to $1B on Donations for 2024 US Elections

The crypto billionaire Sam Bankman-Fried said he could donate between $100 million and $1 billion in the upcoming Presidential elections.

View more: Sam Bankman-Fried to Spend Up to $1B on Donations for 2024 US Elections

Pac-Man Frog (PAC) Could Join The Ranks Of Top NFT Coins Like Solana (SOL) and ApeCoin (APE)

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Cryptocurrencies are all the rage at the moment and NFTs are right up there with them. Some projects are topping it in the NFT space like Solana (SOL) and ApeCoin (APE) who have established themselves ...

View more: Pac-Man Frog (PAC) Could Join The Ranks Of Top NFT Coins Like Solana (SOL) and ApeCoin (APE)

Seth Green Teases His NFT Show Despite His Stolen Bored Ape

Seth Green’s trailer. Source: a video screenshot, FFVV1211.eth / Twitter Seth Green, the American actor, producer, writer, and director who was robbed of a Bored Ape non-fungible token (NFT) that was meant to star in an upcoming TV show, could proceed with the planned show despite the controversy around ...

View more: Seth Green Teases His NFT Show Despite His Stolen Bored Ape

Ariva Celebrates 1st Year Anniversary with Impressive Achievements in the Blockchain Industry

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Ariva, a next-generation tourism & travel blockchain protocol, celebrated the first anniversary of its launch on May 25, 2022. This development marks an impressive milestone for the blockchain project that has taken the tourism sector ...

View more: Ariva Celebrates 1st Year Anniversary with Impressive Achievements in the Blockchain Industry

The Current Crypto Kings Of Investing: Cardano (ADA), Ethereum (ETH), and Logarithmic Finance (LOG)

Here is Where You Should Invest During a Crypto Crash: Binance Coin (BNB), Polkadot (DOT), and Chronoly (CRNO)

Gnox (GNOX) is ready to battle the Crypto Goliaths Ethereum (ETH), Avalanche (AVA) and Solana (SOL)

Skeptical Twitter Users Think SBF’s Proposed USD 1BN Campaign Donation Is an ‘Investment’ Strategy

NOW Wallet Supports All Tokens on Six Blockchains

South Korean Regulators to Inspect Companies Linked to Terraform

5 Up-and-Coming DOGE Projects that Might be Worth Your Money

Bitcoin and Ethereum Recover Losses, ETC and KAVA Rally

Bitcoin Rejects Downside At $29k, Here’s Why This Is Good

Fireblocks Adds Support for TRON DAO’s TRX and all TRC20 Tokens

Brazil in Bitcoin Adoption Drive: Blockchain.com's Expansion, Miners' Tax Break, Real Estate Firm's BTC Choice

Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

OTHER TECH NEWS

Top Car News Car News