Cardano price has eased from its rebounding as fear continues to drive the crypto market. The crypto fear and greed index remains in the fear end of the spectrum with a reading of 46. In the previous session, it was at 45 after shifting from last week’s greed level of 74.
Cardano, which is ranked 3rd according to CoinMarketCap, has had its trading volume drop by 25.53% to $5.81 billion over the past 24 hours. However, its price has surged by 4.47% during that timeframe with its market cap up by 4.27% at $82.01 billion. As the market enters the weekend, the focus will be on the steadiness of the support level of 2.5000.
Cardano price prediction
ADA is trading within a horizontal channel of between Thursday’s low of 2.4794 and the resistance level at 2.6008. Since Tuesday’s selloff, it has rebounded by about 27.21%. However, it remains 17.45% below its all-time high of 3.1039, which it hit at the beginning of September.
At the time of writing, Cardano price was up by 2.02% at 2.5647. On a two-hour chart, it is trading slightly below the 50-day EMA and above the 25-day EMA.
The altcoin will likely continue with the current range-bound trading in the near term. A move above the horizontal channel’s upper border will likely place the resistance level at 2.7050. On the flip side, a pullback past the lower border will have the bears eyeing the support level at 2.4000.