The past week has seen considerable volatility for Cardano. Yesterday, it appeared the price might recover, but today it has dipped again, leaving investors questioning the implications of this loss on the cryptocurrency. Is this a moment to buy ADA, or is it wiser to search elsewhere?

Cardano Price Forecast – Technical Indicator Analysis

In the last 24 hours, the value of Cardano has declined by 1.61% to $0.7712, marking a weekly loss of 1.84%. The chart below shows a death cross in Cardano’s moving averages, typically indicating a bearish trend.

Cardano price, source: TradingView

Additionally, Cardano’s Relative Strength Index (RSI) is currently at 37.25, hinting towards a slightly more selling environment than buying.

DMI Analysis

The Directional Movement Index (DMI) has seen the -DI (orange line) rise significantly during the past 24 hours, indicating a decreasing trend. Currently, the ADX (red line) reading is 22.45, revealing that this downward movement is gaining strength.

Cardano DMI, source: TradingView

Based on these indicators, there is a high possibility that the price may continue falling. It’s crucial to monitor support levels; immediate support is identified at $0.7542. If breached, the subsequent levels to watch are $0.7180 and then $0.6493.

Should the major losses be past and a turnaround occur, ADA would have to overcome the resistance level at $0.7924 to approach $1.16 again, though that seems a challenging target at present.

Should You Buy Cardano Now?

Buying Cardano could be viewed favorably by some analysts at its current low price, but risks of further decline remain. Notably, monitoring the activity of high-volume investors (whales) is important, as an uptick in whale purchases tends to have a significant impact on price movements.

Moreover, attention should be kept on the developments within the Cardano ecosystem. Cardano’s founder, Charles Hoskinson, recently commented on the potential benefits of the Lace wallet for the network.

JUST IN: #Cardano $ADA Founder Charles Hoskinson stated, “Very shortly, we will have Bitcoin support for Lace. We expect Lace to be the top Bitcoin DeFi wallet, driving numerous transactions from Bitcoin to Cardano. Lace will extend beyond Bitcoin to other assets and go mobile.”

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