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Cardano (ADA) to test major support level

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Cardano (ADA) has been one of the few cryptocurrencies that were showing positive growth despite the downward market trend. In the weekly window, Cardano coin had been one of the well-performing ones. However, cryptocurrency has succumbed to the bearish trend of the overall market as well. Cardano crypto peaked at a price level of $2.30 on the 16th of May. At the time of writing, the cryptocurrency stands at a price level of $1.61. The price is down by a whopping 23% in the past twenty-four hours while the daily trading volume has decreased by nearly the same amount as well.

Cardano (ADA) Technical Analysis

The technical for the cryptocurrency shows that the market sentiment for Cardano is neutral. Out of the total twenty-six technical indicators, ten are standing at a neutral position while the buy and sell indications are at eight each. Both the oscillators and moving averages are balanced at a neutral position.

Cardano (ADA) Technical Analysis
Cardano (ADA) Technical Analysis

With the strong bearish outlook of the market, bullish analyses have been invalidated. Cardano (ADA) was expected by quite a few analysts and traders to eventually continue upwards but the cryptocurrency disappointed as it was not able to fight the strong bears. Cardano crypto is now expected to test the strong support level of $1.47. However, there is a good chance that the cryptocurrency may not be able to stabilize at the level.

Cardano (ADA) Price Prediction

The downturn of the market has not affected the long-term predictions of the coin by that much. Trading Beasts expects Cardano to be stable at an average price of $1.83 by the end of the year while by 2024 the price of the coin is expected to be at $3.1. Wallet Investor is still bullish on the cryptocurrency and projects a price of #3.5 by the end of the year with a price level at $9.1 in five years’ time.

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