KEY TAKEAWAYS
- Cardano price closed the previous day’s trade at INR 86.47 with a market capitalization of INR 3,600 Cr and a circulating supply of 3375 Cr ADA
- The ADA price appears to be poised to plunge by nearly 12% to mark a significant bearish trend ahead.
(prices as of 8th April, 2022)
ADA/INR TECHNICAL ANALYSIS FOR SHORT-TERM
Source: Tradingview
- ADA price in the short-term is manifesting the possibility of a minor retracement towards the lower support close to INR 75
- After a parabolic move, Cardano had surpassed the crucial resistance at INR 86 but failed to lay down a strong upward momentum and hence visited these levels frequently
- However, the fresh slash pierced through these levels to hit INR 82 from where the price began consolidating slightly towards the north, but woefully formed a bearish flag
- Therefore, as an outcome, the ADA price is expected to breakdown towards the lower support at INR 75 and ignite a strong flip until the weekend
ADA/INR TECHNICAL ANALYSIS FOR LONG-TERM
Source: Tradingview
- The ADA price still appears to have stuck up in a bearish trend, despite showcasing a strong bullish momentum
- The price attempted to test the immediate resistance but failed miserably and declined to the lower support along the trend line
- However, Cardano may retest the resistance as it is still swinging within an ascending channel and yet to reach the apex of the upward consolidation
- With the current test, the price is expected to pierce through the resistance and attempt to secure levels above INR 125
Additional read: Cardano Price Prediction.
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