Cardano Price Analysis shows that the price can show a downward movement till $0.30, after which, if it continues, the price can fall freely below 0.24. However, since the markets are in an uptrend, we must keep a strict stop loss of $0.36. However, only risk-averse traders should take this trade.
Cardano has fallen by more than 10% in the last 24 hours. The market cap has also fallen by 10.3% to $14.8 Billion. However, the current market trend is bullish overall, so we need to be careful before shorting the cryptocurrency.
We have used daily charts in the current trade setup because we wish to continue this trade in the next 4-6 days. We have used RSI with levels of 70-30 and MACD to identify entry and exit points.
In Daily charts, the Cardano price:
Based on the chart levels, we expect the coin to move to $0.30 in a short span of 4-6 days. This is because the coin has already entered a short-term bearish trend in the last month(13 FEB).
Investor sentiment shows a neutral to negative mood. The details are as follows:
On-Chain analysis shows mixed data for further price movements:
Traders can sell Cardano with a stop loss of $0.36 with a target of 0.30 and an ultimate target of $0.24. However, seeing the overall outlook is positive, we need to keep a strict stop loss as the trend can reverse at any time.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.