Cardano News

Cardano (ADA) Struggles to Keep Bears Away; Price Trend Lacks Momentum

  • ADA is just above the support levels; $0.036 has acted as decent support over the last 24 hours
  • The coin seems to have price barriers above $0.038; yet to start an uptrend

Cardano has recently started a downtrend as it is correcting down from $0.0374 currently. The coin struck a price rally yesterday, due to which the ADA coin has traded above $0.038 twice on the same day. Bitcoin is also noting a similar price path as yesterday, it managed to trade above $7500, and today, the leading crypto coin is again below $7400.

Cardano Price Analysis

Yesterday, ADA price dropped from its opening price of $0.0377 and traced a lower high at $0.036. From here, the coin slowly uplifted before hitting a sharp price rise of 5.66% at $0.0386. Cardano managed to strike one more price spike above $0.038 after a correction near $0.0376.

Before closing the day, ADA coin dropped heavily, reaching $0.0370. Today, the coin has formed another price dip near $0.0368 and then again climbed above $0.370 at 08:38:09 UTC.

Cardano Price AnalysisBollinger bands do not show any volatility sign, while SMA lines have formed a death cross, noting a negative sign. MACD chart has just traced a bullish crossover but is still in the bearish zone. RSI of ADA coin is at 50, showing a stable momentum.

Cardano is likely to see resistance levels at $0.0384, $0.0395, and $0.0404 and support levels at $0.0364, $0.0355 and $0.0344.

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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