Cardano [ADA] Price Analysis and Predictions: Will ADA Maintain Top 10 Status?

2024-05-13 02:04:04

• ADA rose more than 4% in the past seven days.
• Most metrics and indicators suggested that the ADA might not be able to prove its support.

Cardano [ADA] Investors should be cautious as the token is at a critical level.

The latest price drop brought the token’s price down to support, and a drop below might cost ADA its spot on the top 10 cryptocurrency list.

Cardano’s critical status

Like most cryptocurrencies, ADA’s weekly chart was in the red as the token’s price had fallen more than 4%. In the last 24 hours, Cardano witnessed a price drop of 1.6%.

According CoinMarketCapAt the time of writing, ADA was trading at $0.4383 with a market cap of over $15.6 billion, making it the 10th largest cryptocurrency.

However, ADA’s top 10 position may be in jeopardy as the token’s price was at a crucial support level.

AMBCrypto’s analysis of ADA’s daily chart revealed that the token was regarding to reach its support level of $0.4353.

The token had already touched that support twice in the past few weeks. Each time he manages to try it successfully and recover.

If the same happens this time, ADA might approach the resistance near $0.51. But if you fail to test this level, things can get dangerous.

Will the ADA test the support?

To see if ADA would test the support and record a price increase, AMBCrypto analyzed data from Santiment. We found that the ADA’s MVRV index went down last week.

After the wave, whale activity around the token also decreased. Cardano’s NVT ratio skyrocketed, meaning it was overvalued, suggesting a further price drop.

Furthermore, its weighted sentiment decreased, meaning that the bearish sentiment surrounding the token was dominant in the market.

These calculations suggested that the possibility of the ADA collapsing under their support was high.

To better understand what to expect from the token, AMBCrypto checked its technical indicators. We found that the price of ADA was below the 20-day exponential moving average (EMA).

Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) recorded declines.

The Money Flow Index (MFI) also began to decline, indicating that the token was much more likely to run out of support.

However, the MACD provided some much-needed hope as it showed that the bulls were still leading the market.

File Cardano [ADA] Price prediction 2023-24

AMBCrypto then took a look at Hyblock Capital data to find out what might happen if ADA doesn’t test support.

According to our analysis, if the decline continues, the Cardano price may first fall to $0.41. At that level, the ADA will have a chance to recover.

Next: Bitcoin, Ethereum: two levels where a swing trade can be profitable

This is an automatic translation of our English version.

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