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

The post ADA Price Loses Momentum! Cardano Price Might Lose 20% By The Coming Week? appeared first on Coinpedia Fintech News

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 ADA price 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.

TradingView: ADA/USDT

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.

Will ADA Price Hit $0.62 Soon?

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.