Cardano (ADA) Breaches 3-week Low Price; Trades at $0.0498

  • Cardano, at time of penning down this analysis, was trading at $0.049 and has incredibly recorded a dip of over 6% when compared with the 24-hour high of $0.0522
  • ADA’s extended fall against the US Dollar has led the coin to nosedive below the major support at $0.050
  • The 20-day Bollinger Bands laid do not project about any unpredictable volatility in the upcoming days
  • The intraday appears bullish due to positive hourly correction after hitting bottom at $0.0463

ADA coin records a notable dive below $0.060 after three days of price accumulation within $0.057 to $0.062. Moreover, over the past 7 days, the price of ADA has recorded a fall of over 26% from the weekly high of $0.0634 to the low at $0.0463.

Cardano Price Analysis

Cardano News
ADA/USD Chart By TradingView

Analyzing the hourly movement of Cardano against US Dollar on Kraken, we see that the coin has experienced a freefall over the past 24 hours, sliding from 61.80% to 38.20% Fib Level. The 20-day Bollinger Bands do not project about any vulnerable volatility in the upcoming days. However, after the price accumulation, ADA coin failed to retain support from 50-day and 200-day daily MA.

Although, the price has seen positive crossover as the intraday price rose from $0.0463 to the current trading price, i.e., 0.0498, and thereby the MACD of the coin crosses above the signal line.

Similarly, the RSI of Cardano is also at 47.42 and has risen from the major support at 30 or the oversold region hit when the price of ADA bottomed at $0.0463.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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