Cardano price has edged higher early on Wednesday even as it remains in the bear market. For as long as fear is the key emotion driving the crypto market, the altcoin will likely remain below the psychologically crucial level of $1.5000. It has been trading below this zone for two weeks now.
Curently, the crypto fear & greed index is at an extreme fear level of 22. Notably, it has been on this end of the spectrum since last week.
ADA has extended the previous session’s gains even as it remains under pressure. At the time of writing, the altcoin was up by 2.58% at 1.2186. Since dropping to a six-month low at 1.0701 earlier in the week, it has rebounded by about 13.20%.
On a four-hour price, Cardano price is trading above the 25-day EMA and along the 50-day EMA. At the same time, it has remained below the long-term 200-day EMA.
Even with the recorded gains, the crypto is still under pressure; a trend observable in other cryptocurrencies as well. Amid the bearish outlook, I expect the altcoin to continue trading within the range of between 1.1785 and 1.2501.
A pullback past the current suport zone will give the bears an opportunity to retest the support around 1.1000. On the flip side, the entry of more buyers into the market may yield enough bullish momentum to break the resistance at 1.2500. If that happens, 1.2791 and 1.3430 will be resistance levels to look out for.
This post was last modified on %s = human-readable time difference 07:39