- Summary:
- Cardano price has been on a descending channel for three weeks. It will likely remain under pressure in the short term.
Cardano price has been trading sideways around 1.6000 since the beginning of the week. While its current level marks a rebound from its four-month low over the weekend, it is still within the descending three-week-long descending channel. While it may record some gains, it will likely remain under pressure in the short term.
Cardano price prediction
ADA has been on a downtrend for about three weeks when it dropped from November’s high at 2.3777. Since then, it has declined by about 32.72%. On Sunday, it fell to its lowest level since early-August at 1.4224.
Since the beginning of the week, Cardano price has been hovering around the support zone of 1.6000. At the time of writing, it was up by 2.73% at 1.5979. On a two-hour chart, it is trading along the 50-day EMA and below the long-term 200-day EMA.
For as long as Cardano price remains below the 200-day EMA, which is at 1.7260, the bears will still be in control of the market. Besides, the formation of a descending channel points to further losses in the ensuing sessions.
In the short term, I expect the altcoin to find support at 1.5450. Below this level, the bears have an opportunity to retest the three-month low of 1.4224. On the upside, a move above 1.6396 will likely place the resistance level along the 200-day at 1.7260.
