Cardano (ADA) Gains Support from the Short-term MAs; Trades at $0.038
Cardano was trading around the major resistance at $0.040 at the onset of the ongoing month. Drawing the respective lower highs at $0.039 and $0.038, we see that the ADA coin started the last month of the trading year 2019 on a declining note.
Within the said time duration, ADA/USD has hit the lowest of $0.0370. The current trading price is gaining support from the short-term moving averages, while the long-term support still appears faded. The selling pressure also seems to become light as it gains support from the short-term MAs. A move below $0.038 price area can lead to ultimate bearishness and volatility.
Within the said time duration, ADA/USD has hit the lowest of $0.0370. The current trading price is gaining support from the short-term moving averages, while the long-term support still appears faded. The selling pressure also seems to become light as it gains support from the short-term MAs. A move below $0.038 price area can lead to ultimate bearishness and volatility. From a Cardano price prediction viewpoint, ADA may continue to trade cautiously in the short term.
CoinNewsSpanAnalyzing the 10-day price movement of Cardano on Kraken, we see that the coin made a strong attempt to rise, as shown by the uptrend drawn from December 06, 2019. However, yesterday, around midday, the ADA price took a reversal turn and is trading at $0.0382 at the time of penning down. This downside breakout also hit the possibility of facing the resistance at $0.040 and trading above. Having gained grounded support from the short-term moving averages, we do not foresee a steep, awkward fall in the near future. The MACD of the ADA coin is running above zero and holds a slight bearish crossover as the signal line cuts the MACD line. The RSI of Cardano is sliding downwards and is labeled at 44.95, inclining towards the oversold region.
