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Cardano (ADA) Price Analysis for April 20

Thu, 04/20/2023 - 15:37
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Denys Serhiichuk
Is rate of Cardano (ADA) ready for reversal?
Cardano (ADA) Price Analysis for April 20
Cover image via www.tradingview.com

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Bears are not going to give up so easily as the rates of most of the coins are still falling.

Top coins by CoinMarketCap

ADA/USD

The rate of Cardano has dropped by 0.60% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) has made a false breakout of the support level at $0.4113. Currently, one should pay attention to the daily closure.

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BTC, ETH, XRP and BNB Price Analysis for April 19

If buyers can seize the lost initiative, there is a chance to see a return to the resistance at $0.42.

ADA/USD chart by TradingView

On the bigger time frame, the rate of Cardano (ADA) has once again bounced off the support level at $0.4098. The volume keeps declining, which means that buyers are not ready to buy the altcoin at the moment. In this case, there is a high chance of seeing a breakout, followed by a sharp drop to the $0.40 zone.

ADA/BTC chart by TradingView

On the daily chart against Bitcoin (BTC), the rate of Cardano (ADA) is going down after a failed attempt to fix above the 0.000015 zone. If a test of the 0.000014 happens, there is a possibility of seeing a further decrease to the 0.000013-0.0000135 area by the end of the month.

ADA is trading at $0.4162 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.