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The fluctuation in Bitcoin’s price continues on the last business day of the week, and there is a slight decline in altcoins. Investors’ appetite for risk is showing signs of weakening amid anticipation of ETF approval. Moreover, the fear of a “sell the news” event is looming over investors. So, what is the target price for ADA Coin?
Cardano (ADA)
ADA Coin’s price has suffered a loss of nearly 26% since last week. December ended quite well, but rumors triggered by Matrixport about an ETF approval coming in the second quarter have spurred sales. Moreover, despite the time that has passed, ADA Coin sellers continue to stay away from buying positions.
ADA Coin, which is struggling to hold the $0.5 mark, could see a drop to $0.39 if it fails to do so. Moreover, the MACD supports the continuation of the downward trend. ADA Coin’s price, unable to sustain above $0.61, is currently struggling to maintain $0.54 as this article is being prepared. After a long-awaited upward breakout, negative trends due to BTC’s declines were observed in the popular altcoin’s price.
The bearish MACD and RSI indicators, along with EMA crossovers, suggest that the price could recover after a short-term pullback.
ADA Coin Commentary
On the four-hour chart, if the $0.56 support is reclaimed, the decline could be halted. The short-term chart shows the RSI as neutral, and the golden cross indicates that a quick recovery could follow the decline. This combination of indicators suggests that while there is potential for the downward movement to continue in the near term, the underlying short-term trend could still be inclined to rise.
The monthly chart looks relatively positive. If we are to experience a rapid decline, there are two key levels to watch. The first is the $0.44 support, which if held, could lead to a short-term upward reversal. However, if the price falls to the $0.39 support or even closes below it, losses could deepen again.
In BTC terms, ADA Coin is at the 0.00001275 BTC support level. If this area is lost, a return to the range of 0.000011 BTC and 0.0000097 BTC could occur. In this case, the likelihood of double-digit losses against BTC would increase.
