Cardano: Is the Volatility Temporary or Here To Stay?
2022.04.07 12:11
Cardano: Is the Volatility Temporary or Here To Stay?
- Cardano is currently in a volatile state and the future seems uncertain.
- Some analysts predict that the price of ADA will continue falling.
- Some algorithm-based forecasting services give bullish long-term Cardano predictions.
Cardano seems to be witnessing some interesting price action in the last few days. And there are several different predictions online.
One such prediction claims that the Cardano price action would likely continue falling into lower Fibonacci targets amidst the current downslide. The analyst says that ADA price looks more bearish as time passes. They add that a Fibonacci projection indicator points to the $1.00 support for Cardano price at the 161.8% ratio.
The analyst also says that Cardano price spells for more selloffs on the volume indicator. They add that if the bulls cannot find support at the $1.00 zone, the next target will be at the 261.8% Fib extension level at $0.88.
And yet another analyst states that short-term Cardano price analysis from CoinCodex was bearish today (as of 6 April), with 13 indicators giving bullish signals and 19 bearish signals. They explained that the 21 to 100-day simple moving averages and exponential moving averages, as well as the average directional index (ADX), Hull moving average (HMA), and volume-weighted moving averages (VWMA), were giving bullish signals.
Additionally, they said the Williams percent range, the relative strength index (RSI) and the stochastic fast gave ‘sell’ signals. Meanwhile, the moving averages convergence divergence (MACD) stayed neutral.
However, this analyst also added that several algorithm-based forecasting services gave bullish long-term Cardano predictions as of 6 April.
Over the years, ADA has performed relatively well, spiking from its rest state in 2021. It was at an all-time high of $3.10 on 2 September. However, since the beginning of 2022, ADA has exhibited a lot of volatility, but this may be temporary and its crash can be attributed to global geopolitical conflicts.
At the time of writing, the crypto trades at a price of $1.07 with a 24-hour growth rate of -7.2%.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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