Cardano (ADA) Gives a Bearish Signal and Awaits a Quick Rebound
- Cardano, at the time of penning down this analysis, was drawing a bearish trendline as it loses track of momentum since the previous day’s trading session
- The 20-day Bollinger Bands do not project any unprecedented volatility, yet the loss of traction is quite evident as the price trend hits below 20-day lower Bollinger Band
- ADA/USD lost imminent support from 50-day, and 200-day MA as the coin dropped from $0.0500 and $0.0489 to trade at $0.04706, at the press time
- ADA coin breaks the weekly support as it drops below $0.050 and a further dip below $0.045 will lead to a complete bearish consolidation
- The RSI of the coin lies around the selling zone at 38.41, and a further dip will lead ADA under the complete selling pressure
Cardano Price Analysis
On the half-hourly chart, Cardano breached the price accumulation as it drew a bearish trendline and lost imminent support in yesterday’s trading session. The lack of momentum has led to strong resistance at $0.055, and a loss of traction lead the ADA coin to lose important support at 50-day and 200-day MA. However, the current month started with a steep candlestick rise just for an unprecedented accumulation. The major support lies at $0.045, while the major resistance to look out for is $0.050, followed by $0.052.
The technical indicators are confirming the bearish divergence as the signal line crosses above the MACD line due to lack of intraday steadiness, and the RSI of Cardano lies at 37.10; lack of quick rebound will lead the coin to notable selling pressure.