Cardano

2024

The post <a href="https://coinpedia.org/price-analysis/ada-price-loses-momentum-cardano-price-might-lose-20-by-the-coming-week/" rel="noopener noreferrer nofollow">ADA Price Loses Momentum! Cardano Price Might Lose 20% By The Coming Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto industry is about to complete its first month of 2024 in a neutral state, as major top tokens have displayed a mixed sentiment, highlighting a bear/bull power in the market. Further, the ADA price has lost over 3% within the past day, indicating a bearish influence for it.
Cardano’s <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">ADA price</a> traded in a closed range between $0.5817 and $0.6273 for a while, following which the market lost momentum, resulting in a price breakdown. The ADA coin recorded a loss of 26.5% in valuation within the next few days.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/iI9sZebrknKKsz5tV7qI22EMVuTPRUB9L6v2liXeKPzxiZfbW53cLU4I3O8FL_6P1V7rsw7-8DqkarDvzHMwPZVXm0wc540reVeXLZoAn2pq5uVjY3fAMtWs4NASCbZWFDJzZjh0ph7zgkU50zgTSko" alt="ADA Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ADA/USDT
 </figcaption>
</figure>
After testing its low of $0.4610, the bulls regained momentum and the price experienced a jump of approximately 18%, after which it faced rejection at $0.5438. The price traded sideways for a while, following which it added another 25.5% to its value.
Following this, the price constantly traded under a bearish influence for a brief period and retested its crucial support level of $0.4610. After this, the ADA coin price traded sideways between $0.4610 and $0.5001 for about a week.
Recently, the bulls regained power and successfully broke out of the range, indicating a rise in the price action for the altcoin.
<h2 class="wp-block-heading" id="h-will-ada-price-hit-0-62-soon">Will ADA Price Hit $0.62 Soon?</h2>
The MACD displays a rise in the red histogram, indicating an increase in the selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will experience a negative price action in the coming time.
If the bulls hold the price above the support level of $0.5001, the ADA price will test its resistance level of $0.5438 soon. Maintaining the price at that level will set the stage for the Cardano token to attempt to test its upper resistance level of $0.5817 by the coming week.
Conversely, if the market fails to hold the price above the support level of $0.5001, it will lose momentum and fall to test its lower support level of $0.4610. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its crucial support level of $0.4162.

ADA Price Loses Momentum! Cardano Price Might Lose 20% By The Coming Week?

Table of Contents

CoinPedia News

Other articles published on Jan 31, 2024

Solana’s price to hit $333? What the predictions say

Microsoft and OpenAI Lead $500 Million Funding Round for Figure AI Inc.

BREAKING: Ripple Falls Victim To Massive Hack, Over 213 Million XRP Stolen

50,000 Bitcoins Seized in Germany Following Investigation into illicit Activities

Crypto Panic: Musk’s $56 Billion Loss Sparks Fears of Massive Crypto Sell-Off

Why experts predict Kelexo (KLXO) presale to hit 30x, and why Toncoin (TON) & Shiba Inu (SHIB) to...

Join our free newsletter for daily crypto updates!