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Cardano (ADA) Price Prediction for March 31
In a recent analysis, Cardano’s price prediction has taken center stage amidst the bearish market sentiment. With the asset’s price action having broken down from consolidation, it is essential to assess its next move in the coming days.
According to expert technical analysis, ADA has turned bearish and is poised to continue its decline in the short term. This shift follows a breakdown of the consolidation phase that Cardano was experiencing between $0.69 and $0.75 levels for several weeks.
Based on recent price action and historical momentum, it is possible that ADA could see a 5% price drop until it reaches the $0.625 level. However, if the decline continues and a daily candle closes below the $0.622 level, there is a strong possibility that ADA’s price could plummet by 30% until it reaches the $0.425 level.
Currently, ADA is trading beneath the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bearish trend and weak price action for the asset.
In terms of current price momentum, despite fluctuations, ADA is currently trading at around $0.66, having recorded a price decline of over 1% in the past 24 hours. Furthermore, during this period, the asset’s trading volume dropped by 30%, indicating lower participation from traders and investors compared to previous days.
In light of these fluctuations, market sentiment remains unchanged as traders continue to favor the bearish side.
Source: https://coinpedia.org/price-analysis/cardano-ada-price-prediction-for-march-31/
