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Cardano (ADA) Price Analysis for April 30

Price Analysis
Sat, 04/30/2022 - 16:30
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Denys Serhiichuk
How great are the chances to see the reversal of Cardano (ADA) soon?
Cardano (ADA) Price Analysis for April 30
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The weekend has begun with the continued fall of the cryptocurrency market as most of the coins remain in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the decline of most of the coins, going down by 1.35% since yesterday.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the local time frame, Cardano (ADA) is trading in the middle of the formed channel between the support at $0.17987 and the resistance at $0.8187. If the decline continues by the end of the day, the fall may lead to the test of the $0.79 mark.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the bigger chart, the price is coming back to the low level of the wide channel against the increased trading volume. In case of a further drop, one can expect a test of the $0.7460 mark soon.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the bigger time frame, the price has fixed below the $0.90, mark which means that there is a high possibility to see the ongoing decline next week. In this regard, bears may get the rate of ADA back to the $0.6856 mark.

ADA is trading at $0.8087 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.