Will Cardano (ADA) price rise or correct to $0.49
Analysts Opinion
November #ADA growth peaked at $1.30; analysts
expect support at $0.68, with a deep correction to $0.49 possible. RSI, MACD and AO are showing bearish momentum, but there are early signs of trend exhaustion.
the price movement of #Cardano (ADA) has caught people's attention after a strong surge in November and early December. Analysts are trying to determine whether the recent slowdown is a harbinger of a longer correction or the start of a new uptrend.
ADA is experiencing a market correction after a November rally
Cardano prices experienced a strong surge in November, reaching a high of $1.30 in early December. It reached a high of US$30. Then the growth paused, ADA corrected and went sideways.
According to market data, the #cryptocurrency has fallen in price by -19.85% in the last week and by only -0.74% in the last 24 hours and is worth $0.8874 at the time of publication.
Cardano's market capitalization is. USD 31.87 billion based on a turnover of 36 billion ADA tokens. These numbers indicate that ADA dominates the market, but at the same time the price is under the influence of bearish sentiment.
Cardano price: technical indicators of bearish sentiment
Cardano is in a bearish trend, and a number of technical indicators indicate that this state may persist for some time. A number of technical indicators indicate that this condition may persist for some time. The downtrend is confirmed by the fact that the MACD line is below the signal line. In addition, the histogram shows negative values, but the smoothing of the slope indicates the weakening of the selling pressure.
TradingView
Awesome Oscillator (AO) is also in negative territory, supporting the bearish outlook. However, the downward slope of AO indicates the end of the downtrend. The Relative Strength Index (RSI) is at 41.
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