Cardano Initiates the Week on a Bearish Note; Lost 6% Value Overnight
- Cardano’s value has been down by more than 6% in the last 24 hours
- ADA has been trading in a wide range of $0.026 – $0.031 since the last week
- The coin holds active support from daily SMA lines
- As per the current trend, it may soon breach $0.027
Cardano (ADA) price has started correcting its value after a few days of high growth in the last week. Over the last 24 hours, it has been down by 6.04%, and the price has fallen to $0.028 from $0.0299. And as per the recent decline, it may not reflect any strong sign of recovery in the upcoming few hours.
ADA Price Falls Below $0.029, Support Seen at $0.0277
Over the last week, ADA coin exhibited moderate fluctuations as it traded form low of $0.026 to a high of $0.031. Till March 27, Cardano traded with steady upside momentum, but then, it reversed the trend. After hitting a $0.031 mark, it faced rejection above it and started trading downwards with in-between sudden spikes.
If we look at today’s price movement of ADA/USD over Binance, the currency opened the day around $0.0299, and in the next 6 hours, it lost 3% value and got down to $0.0290. It was followed by another price correction that cost the Cardano coin 4.64% and pulled the price further down to $0.028112. After this fall, the ADA price managed to trade above $0.028 price mark; however, the overall trend is bearish. The next price swing happened between 20:39 & 01:12 UTC. In these four and a half hours, the currency lost 1.46% and touched the lowest point of the day at $0.028081.
At the time of writing this analysis, ADA price was trading around $0.02818 with immediate support of short-term moving averages, 20 & 50 days. The RSI has been improved a bit to 53.64 points. As per the technical indicators, Cardano may stall the regressive trend and reflect stability in the upcoming hours.
Resistance & Support Levels
R1: $0.02932, R2: $0.03039 and R3: $0.03094
S1: $0.02769, S2: $0.02715 and S3: $0.02607
