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.
Current Market Situation
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.
Cardano Technical Analysis
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:
- RSI has come down to optimum levels.
- MACD is about to show a bullish crossover.
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).
Cardano Sentiment Analysis
Investor sentiment shows a neutral to negative mood. The details are as follows:
- Investing.com: 62% bullish
- CFGI: 25% Bullish
Cardano On-Chain Analysis
On-Chain analysis shows mixed data for further price movements:
- There are only 11% holders in profit and 80% holders in loss. This can prompt further selling as losses pile up.
- However, there has been an increase in large transactions, with $10.88 Billion in transactions in the last seven days. Transactions above $100k have increased from 617 to 692 txs from 13 to 14 March. Further, $100k+ valued transactions on 14 March were at a week high.
Overall Outlook
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.
