Cardano Price Forecast as $200 Million Trading Volume Comes In – Here's Where ADA is Headed Next
Cardano price sinks back into the murky red waters a few days after crypto markets rebounded significantly. The smart contracts token lost over 4% of its value over the last 24 hours, in addition to crashing critical support at $0.30.
ADA currently exchanges hands at $0.28 as bulls fight tooth and nail to secure short-term support and hopefully reclaim the crucial $0.30 level.
The daily chart below shows Cardano price grinding toward a falling channel's lower boundary support. Recent attempts to hoist the token above the pattern's throughline proved futile, as bulls could not push past the hurdle at $0.33.
For now, traders who entered into short positions immediately Cardano's price was rejected by the channel's middle boundary are looking forward to booking profits at the lower boundary support near $0.2780.
Overhead pressure is bound to soar if the Moving Average Convergence Divergence (MACD) indicator sends a sell signal. This call to investors to double down on their selling activities would manifest with the MACD (in blue) crossing below the signal line (in red).
It is worth remembering that since the MACD is stuck below the mean line (0.00), Cardano's path with the least resistance is on the downside.
The growing influence bears have on Cardano price may gain traction if support at the channel's lower boundary gives way. Sell orders could be triggered slightly below the channel ahead of possible take-profit targets at $0.26 and $0.20, respectively. If push comes to shove, Cardano will retest support at $0.16, where it will tap into immense liquidity for a significant bullish turnaround.
Likely, the ongoing downtrend may last only a short time, and recovery might ensue in the coming sessions. Therefore, traders might
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