Cardano (ADA) Declines Leisurely as it Forms Narrow Trading Price Rangea

  • Cardano moves stably from almost a week now after having declined from $0.040
  • The current trading price of ADA coin is due to the downside breakout of the uptrend that it recently formed—observed while having a closer look at the price movement
  • The previous trading month remained moderately volatile
  • Cardano trades with selling pressure and loses support from the short-term MAs

ADA coin trades with bearish impact as it trades with stability and declining price channel. The decline is not rapid enough to justify it as a definite plunge. However, cumulatively, Cardano is resulting in a downtrend, losing important support levels.

Cardano Price Prediction

Cardano News
ADA Chart By TradingView

Analyzing the month-long movement of the pair ADA/USD on Kraken, we see that the coin was trading with volatility in the previous month as compared to the current month’s movement. The price of Cardano has been on a stable bearish run forming a narrow trading channel as it records the slow decline. From soaring at $0.0461—a 45-day high, it has hit the lowest of the same timeframe at $0.033. Later, it recorded a rise at $0.042, after which ADA price is on a continual downswing.

The current trading price of Cardano, as observed, is below all the major moving averages i.e., 9-day, 49-day and 100-day, facing indefinite selling pressure.

This bearishness is rightly confirmed by the MACD line that is inclined to zero and has a bearish crossover as the signal line overpowers the MACD line.

The RSI of the coin is at 35.39, showing no extremities at present, but holds an inclination towards the oversold region due to the slow decline that Cardano is facing.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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