Cardano (ADA) Price Prediction For February 23
Cardano (ADA) recently witnessed an impressive recovery of nearly 4%. However, prices now appear to be moving towards retesting uptrendline support. This decline is driven by the sentiment of bearish markets and the latest robbery experienced by Bybit recently.
Cardano (ADA) Current Momentum
As ADA prices approach support levels, it is important to see if the assets hold that level. If the market does not sell out in large quantities, the price may be stable. However, if sales pressure increases, the market may continue this trend until sentiment changes.
ADA technical analysis and upcoming levels
According to expert technical analysis, Aida As long as it trades above the uptrend line or $0.73, it still has its uptrend potential. Looking at the time frames of daily and four hours, Ada appears to be forming bullish cup and handle patterns as well as rising triangle patterns, enhancing its bullish outlook.
According to recent price action, once the ADA exceeds $0.78, the ADA will soon reach the level of 0.85. However, given the current market sentiment, if Ada falls and closes the four-hour candle below $0.74, we can see a massive sell-off and a significant 10% price drop, bringing it down to $0.65.
As of now, the asset is trading below the 200 moving average (EMA) over a four-hour timeframe, indicating that it is still on a downward trend. Meanwhile, its average direction index (ADX) is 12, indicating a weak trend intensity, which may be a key reason why ADA failed to gather.
Current price momentum and excessive leverage levels
Looking at the current market sentiment, the intraday trader is Over-leverage In the long run, the price is $0.76, worth $2.23 million in a long position. Meanwhile, the $0.785 level is another area of over-leverage where traders have established short positions worth $2 million on short sides.
Studying these over-leveraged positions, it appears that the bulls are dominant, which can help ADA prices stay at the critical trend line.
ADA is currently trading at close to $0.77, experiencing a 0.50% price increase in the past 24 hours. However, during the same period, its trading volume fell by 50%, indicating that traders and investors fears are less involved than the previous day.
