The current price of Cardano is in a potentially precarious situation, as technical analysis suggests a possible substantial drop. This analysis, carried out on a 4-hour candlestick chart and posted on TradingView, indicates a potential 15% decrease in the Cardano price due to a recent dip below the Exponential Moving Averages (EMAs).
Cardano Price Breaks Below EMAs To Open Up Bearish Scenario
According to a crypto analyst (SwallowAcademy) on TradingView, Cardano has been moving downwards this week, with four consecutive bearish candles on the 4-hour chart and falling below its Exponential Moving Averages (EMAs). This drop beneath the EMAs on the same 4-hour timeframe suggests a potentially bearish trend, which could lead to further short-term declines in Cardano’s price. At present, there seems to be no immediate support level nearby due to a lack of significant liquidity zones around the current market activity for Cardano.
The estimated support level for Cardano is approximately 7% higher than its current price, which translates to around $0.83. The analyst predicts that there’s a chance Cardano might return to this level. However, if this support doesn’t hold, the analyst cautions that there could be a further 8% decrease, rapidly pushing the Cardano price down to approximately $0.76.
In summary, we’re looking at a potential 15% decrease in the value of Cardano by the week’s end, a decline that the analyst cautions could lead to significant volatility or instability, using the phrase “it might get messy.” The analyst warned, “Stay alert; it might get messy.
Bearish Scenario Can Be Invalidated
Even though the current bearish trend is dominant, there’s another possibility suggested by the analyst. If Cardano experiences a significant surge from its current position, it might break through the $0.98 barrier. Such a rise could alter the immediate price forecast and signal a return of bullish energy, reducing the likelihood of further drops. Under these circumstances, the analyst predicts that Cardano could surpass $1.02 quickly and potentially reach between $1.2 and $1.3 in the near future.
As I type this, Cardano’s current value stands at $0.9544, marking a 1.57% increase over the last 24 hours. Fingers crossed that this positive trend persists to contradict the pessimistic outlook for the cryptocurrency.
In the coming days, events will shape whether a bullish or bearish trend occurs for Cardano’s price. If the bearish forecast comes true, a 15% decrease might bring fresh obstacles for ADA investors. Conversely, if ADA surges beyond $0.98 again, it could rekindle hope that Cardano may challenge its previous high of $1.2 and potentially exceed it.
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2025-01-14 19:11