Cardano Cryptocurrency Forecast
Red day on Saturday for Cardano
(Updated on May 11, 2024)
The Cardano cryptocurrency price fell by -0.0448% on the last day (Saturday, 11th May 2024) from $0.447 to $0.446. During the last trading day the cryptocurrency fluctuated 5.80% from a day low at $0.443 to a day high of $0.469. The price has risen in 6 of the last 10 days and is up by 1.99% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -279 million shares and in total, 35 million shares were bought and sold for approximately $15.49 million.
The cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.408 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -27.75% during the next 3 months and, with a 90% probability hold a price between $0.295 and $0.446 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ADAUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. The Cardano cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.458 and $0.486. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 2.06%. 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).
Support, Risk & Stop-loss for Cardano cryptocurrency
Cardano finds support from accumulated volume at $0.438 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 $0.0257 between high and low, or 5.80%. For the last week, the cryptocurrency has had daily average volatility of 6.49%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ADAUSD) For The Upcoming Trading Day Of Sunday 12th
For the upcoming trading day on Sunday, 12th we expect Cardano to open at $0.453, and during the day (based on 14 day Average True Range), to move between $0.415 and $0.478, which gives a possible trading interval of +/-$0.0318 (+/-7.13%) up or down from last closing price. If Cardano takes out the full calculated possible swing range there will be an estimated 14.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.453 (1.37%) than the support at $0.438 (1.95%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Cardano cryptocurrency A Buy?
Cardano holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency.
Current score: -2.049 Sell Candidate Unchanged
Predicted Opening Price for Cardano of Sunday, May 12, 2024
| Fair opening price May 12, 2024 | Current price |
|---|---|
| $0.453 ( 1.43%) | $0.446 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.478 | 7.18 % | |
| R2 | 0.469 | 4.98 % | ||
| R1 | 0.463 | 3.63 % | ||
| Current price: | 0.446 | |||
| Support | S1 | 0.443 | -0.773 % | |
| S2 | 0.437 | -2.13 % | ||
| S3 | 0.427 | -4.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.505 | 13.04 % | |
| R2 | 0.492 | 10.22 % | ||
| R1 | 0.453 | 1.37 % | ||
| Current price | 0.446 | |||
| Support | S1 | 0.438 | -1.95% | |
| S2 | 0.437 | -2.02% | ||
| S3 | 0 | . |
FAQ
Click here for our free guide on how to buy Cardano Cryptocurrency.
