Cardano Cryptocurrency Forecast
Cardano cryptocurrency upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Cardano cryptocurrency price gained 2.97% on the last trading day (Tuesday, 2nd Jul 2024), rising from $0.406 to $0.418. During the last trading day the cryptocurrency fluctuated 4.21% from a day low at $0.402 to a day high of $0.419. The price has risen in 6 of the last 10 days and is up by 8.36% over the past 2 weeks. Volume fell on the last day by -6 million shares and in total, 262 million shares were bought and sold for approximately $109.42 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -23.78% during the next 3 months and, with a 90% probability hold a price between $0.272 and $0.361 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ADAUSD Signals & Forecast
Mostly positive signals in the chart today. The Cardano cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.396 and $0.418. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 12.95%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The cryptocurrency should be watched closely.
Support, Risk & Stop-loss for Cardano cryptocurrency
Cardano finds support from accumulated volume at $0.408 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0170 between high and low, or 4.21%. For the last week, the cryptocurrency has had daily average volatility of 4.11%.
Our recommended stop-loss: $0.405 (-3.14%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 43 days ago.)
Trading Expectations (ADAUSD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Cardano to open at $0.413, and during the day (based on 14 day Average True Range), to move between $0.398 and $0.438, which gives a possible trading interval of +/-$0.0203 (+/-4.85%) up or down from last closing price. If Cardano takes out the full calculated possible swing range there will be an estimated 9.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.408 (2.31%) than the resistance at $0.448 (7.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cardano cryptocurrency A Buy?
Several short-term signals are positive, despite the cryptocurrency being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for cryptocurrency to perform well in the short-term. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.154 Buy Candidate Upgraded
Predicted Opening Price for Cardano of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$0.413 ( 1.14%) | $0.418 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADAUSD
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.430 | 2.91% |
R2 | 0.424 | 1.36% |
R1 | 0.420 | 0.406% |
Price | 0.418 | |
S1 | 0.407 | -2.69% |
S2 | 0.403 | -3.65% |
S3 | 0.396 | -5.20% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.492 | 17.69% |
R2 | 0.453 | 8.24% |
R1 | 0.448 | 7.05% |
Price | 0.418 | |
S1 | 0.408 | -2.31% |
S2 | 0.375 | -10.20% |
S3 | 0.370 | -11.47% |
FAQ
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