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.
Cardano Price Analysis
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