Cardano price is set for a week of gains after three consecutive weeks in the red. The altcoin, which is ranked 7th has had its trading volume drop by 35.00% over the past 24 hours. At the same time, its market cap was up by 2.79% at $11.596 billion.
On the one hand, financial markets appear to be experiencing some form of calmness even as concerns over a deepening banking crisis persists. Over the weekend and into the coming week, traders will be eyeing further cues in the form of the Fed interest rate decision.
Fundamentals
Cardano price movements have been rather choppy in recent sessions amid concerns over a deepening banking crisis globally. Granted, the financial lifeline handed to Credit Suissee by Swiss regulators has brought some form of calmness to the financial markets. Compared to last week’s fear level of 34, the crypto fear & greed index is at a neutral level of 51.
Into the weekend, I expect the altcoin to remain subject to curbed gains. Besides, traders will be eyeing the Fed interest rate decision in the coming week for cues on the direction of interest rates. An environment of eased interest rate hikes would be bullish for cryptocurrencies and the broader class of risk assets.
Cardano price prediction
On Friday last week, ADA/USD dropped to a two-month low at 0.2979. Earlier this week, it recouped that week’s losses amid heightened expectations that the Fed will halt of its interest rate hikes.
In fact, on Tuesday, Cardano price rose to a two-week high at 0.3700. However, the market has been rather choppy in recent sessions amid concerns of a deepening banking crisis across the world.
A look at its daily chart shows cardano price trading below the 25 and 50-day exponential moving averages. Slightly over a week ago, a mini death cross formed after the 25-day EMA crossed the 50-day EMA to the downside. Based on these technical indicators, coupled with the fundamentals, I expect the bears to remain in control in the short term.
In particular, the crypto may continue to find resistance along the 50-day EMA at 0.3521 as traders remain hesitant to place huge bets ahead of next week’s Fed interest rate decision. Even so, 0.3062 may be a steady support zone into the weekend and start of the coming week. In the immediate term, the range between 0.3194 and the 25-day EMA at 0.3445 will be worth watching.
