Cardano (ADA) Exhibits Bearishness; Records a Double Bottom
Cardano currently trades at $0.0338 and is seen hitting a double bottom price area, which was observed before the onset of 2019. Just as we near the end of the ongoing trading year, ADA coin seems to have retained the same value from which it began. Therefore, it is testing a critical support level as it is moving close to the apex, highlighting the bearish move.
The lower highs marked rightly define the dip that the price of Cardano has formed. Accordingly, the volume is also recording a dip after the coin topped earlier this year. At the current trading price level, ADA/USD is testing the major weekly support.
Cardano Price Prediction
Analyzing the daily ADA/USD movement on Kraken, we see that the coin is replicating the initial half the year but holds a reversal pattern and is seen dipping. However, if the Cardano coin recreates the same pattern, we can expect a steep rise at the onset of the upcoming year 2020, even before it hits apex. This will rightly break the local resistance and gain support from the daily moving averages. This local resistance will be the first target to break as this will put in a new higher high in the trend, confirming a trend change.
The technical indicators laid on the ADA/USD chart rightly confirm the moderate bearishness as the MACD line moves below zero and the signal line overrides the MACD line.
The RSI of the coin is at 43.77 and respects the trend line at present, but we observe numerous downside breakouts in the oversold region on the daily chart.