Cardano News

Cardano (ADA) Exhibits Steep Fall Today; Trades Below $0.0592

Cardano price was spotted improving yesterday. The traders were eyeing for the currency to keep the upsurge intact. The coin opened with a moderate hold of around $0.0620. Soon, it experiences heavy pullback pressure and the price dribble, and now it is trading around $0.059. However, the future of the ADA coin is anticipated to be great. The traders can dig-in with a high prospect of return in some time.

Cardano Price Analysis

Cardano (ADA) Price NewsCardano coin was trading at $0.0584 at the initial hours of yesterday. The price escalated to $0.0588 by a marginal hike within the two hours of opening. In the next hour, the ADA price dropped to $0.0582, and then, it marked a steep upward move to $0.0600 by 3.11% at 04:34 UTC. After this moderate hike, the price dropped to $0.0594, which further escalated to $0.0607 by 2.07%. Then, Cardano price locked around the same level till 09:00 UTC. Later, the ADA coin jumped to $0.0620 by 2.70% at 10:28 UTC. From this high, the coin faced steep fall and touched $0.0605 at 10:59 UTC. After this price fall, the coin recovered slightly to $0.0613 and hovered around the same range till 21:03 UTC. The closing hours escalated to $0.0619 but closed the day at $0.0615. The intraday movement of the ADA coin brought a 5.26% escalation.

Today, Cardano began the day with a slight escalation. The coin was at $0.0620 then dropped to $0.0592 by 4.47% fall at 03:19 UTC. The price hovered around $0.05977 at the time of writing this analysis. As per the MACD indicator, ADA price may trade upwards in the upcoming hours. The intersection of lines indicates a change in trend, and the upward movement is a sign of improvement in the coin.

However, the current price is near the immediate support level at $0.0592. It looks like it might get breached at any moment. However, if the momentum reverses, the Cardano price might be seen escalating to $0.0627, the immediate resistance level.

Resistance & Support Levels

R1: $0.062772, R2: $0.064033 and R3: $0.066324

S1: $0.05922, S2: $0.056929 and S3: $0.055668

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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