Cardano (ADA) Faces Intraday Correction; Trades at $0.057

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  • Cardano draws a collective rising channel on a 4-hourly chart against US Dollar and currently trades at $0.0573
  • ADA/USD price trend forms consistent higher highs, and the coin gradually hits fresh highs
  • The coin currently foresees less volatility in the upcoming days as per the 20-day Bollinger Bands. Intraday remains bearish as the candlesticks turn red and lack support from 50-day MA
  • The price trend is likely to break through the 200-day MA and lower 20-day Bollinger Band if it nosedives even further

Cardano lacks short-term and medium-term support, and if the price dips even further, the coin is likely to face moderate volatility and loose long-term, i.e., 200-day MA support as well.

Cardano Price Analysis

Cardano (ADA) Price News
ADA/USD Chart By TradingView

Analyzing the ADA/USD movement on Binance, we see that the coin is holding a rising trading channel, and a further dip can have a downward breakout. The price of Cardano coin lacks support from the 50-day MA as the coin faces intraday correction. Moreover, the currency is inherently volatile, and a further dip will lead to maximizing the short positions in the trade, resulting in selling pressure. The consistent resistance prices over the past eight weeks have been $0.0460, $0.0575, followed by the 90-day high at $0.0729.

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Technical Indicators

The technical indicators laid appear to have a bearish crossover as the signal line is likely to cut the MACD line of Cardano due to intraday pullback.

Alongside the RSI of the coin is at 39.18 and is moving around the oversold region with moderate selling pressure due to lack of short and medium-term support.

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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