Technical Analysis Crypto

Cardano (ADA) Technical Analysis: Will ADA Price Close the Weekly Trade Below INR 75?

ADA Technical Analysis

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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The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

 

 

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