January 20, 2021

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Cardano price prediction: bears in control, will $0.145 support hold?

3 min read

TL;DR breakdown

  • Cardano price currently at $0.155760
  • Price consolidating in short term charts with low bullish momentum
  • Traders can expect price to decline to support level at $0.143

Cardano price prediction: Today’s price overview

Cardano price started the day at $0/172280 with slight bearish momentum that has defined the price movement across the last day. The price started the day with a slight downwards movement that only grew sharp in later hours. Currently, Cardano price is $0.157760 showing an 8.43 percent decline from the day’s opening price.

Cardano price across the last 24 hours

Cardano price prediction: bears in control, will $0.145 support hold? 1

Cardano price started the day with slight bearish momentum as the price action observed wave-like movement causing the price to descend. The price declined to the $0.1650 level before finding a support level. However, despite the bulls trying the charge above, the price only rose to $0.17620 before sharply declining.

The price crashed to $0.1430 before finding a strong support level. The level turned out to be the day’s lowest as the price rebounded sharply. For the past several hours, the price has been consolidating between $0.153 and $0.160.

On the technical indicators, the MACD shows little to no momentum on both sides as the two EMAs remain converged. Meanwhile, the RSI is also neutral but leans towards the underpriced territory.

The price action can be expected to continue consolidation for the next few hours with potential downwards movement. If the current support breaks, the next support lies near the $0.120 level.

ADA USD long-term trend analysis

Cardano price prediction: bears in control, will $0.145 support hold? 2

Cardano price started the year at $0.032652 with strong bullish momentum that carried the price upwards of the $0.0600 mark. However, the bullish momentum was exhausted, and the price was unable to set up support at the level. As a result, the price declined. The price declined sharply to the $0.01850 level in mid-March before finding support.

The point turned out to be the year’s lowest as the price action maintained the support at the level and ascended significantly for the next two and a half months. By the start of June, the price had risen to the $0.07385 level with declining bullish momentum. Subsequently, the rally ended shortly after as the bulls recharged. The price action consolidated near the $0.0800 level throughout June.

In July, the buyers initiated another bull rally as the price ascended to $0.13860 by June 8. However, the movement met resistance at the level and failed to charge above as the bullish momentum died down. Regardless, the bulls were still not done as the price continued its bullish rally after consolidating for a few days.

The price rose to $0.1500 but met strong resistance at the level and was subsequently rejected. The price continued to decline throughout August as well as the better part of September. The price action found support at $0.075, which enabled the buyers to fight back.

The bulls initiated a trend reversal, but the next two months observed a mix of bullish and bearish activity, with the price rising slightly across the period. In November, the price declined to $0.0800, but strong support at the level enabled the buyers to dominate the markets.

After a brief consolidation above the $0.100 level, the price rose sharply and crossed the $0.1800 level by late-November. Although the price has declined since then, the fall was not that steep as the price rebounded just as quickly. Currently, the price is $0.157760 showing a 67.2 percent increase from the month’s starting price.

On the technical indicators, the MACD is bullish but shows a declining bullish momentum as the two EMAs converge. The indicator might be hinting at a potential trend reversal. Meanwhile, the RSI has returned to neutral from overpriced conditions but remains relatively high. This suggests that price may become overpriced if the sharp bullish activity occurs.

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