Cardano (ADA) is one of the largest cryptocurrencies by market capitalization, and it has been closely watched by investors and analysts in recent months. In a recent video, cryptocurrency analyst and trader JB discusses Cardano’s current chart analysis across various timeframes, potential price movements, and their outlook on the cryptocurrency’s future in the bear market.
Technical Analysis of Cardano (ADA)
On the 1-hour timeframe, JB notes that Cardano has experienced a 5.3% increase in price. This could suggest that the cryptocurrency is in a bullish trend, but it is important to note that the market is still volatile and could reverse course at any time.
One key chart level that JB is watching is the 50 EMA crossing above the 200 EMA. This is a bullish indicator, and it suggests that the market is bullish over the medium term.
However, JB also notes that Cardano is facing a bearish structure on the one-day timeframe. This could suggest that the cryptocurrency is due for a correction in the near term.
Potential Price Movements
JB expects Cardano to push up to around 25.38 USDT in the near term. This is based on the bullish indicators on the 1-hour timeframe.
However, JB also warns that Cardano could see a move to the downside in the medium term. The potential target range is 23.73 USDT to 23.35 USDT.
On the one-day timeframe, JB believes that Cardano could see a new bear market low. The target range is 22.67 USDT to 18.7 USDT.
JB’s analysis suggests that Cardano is in a mixed state. There is potential for upside movement in the near term, but there is also a risk of a correction in the medium term. Investors should carefully consider their risk tolerance before making any investment decisions.