Price Analysis

Cardano (ADA) Falls and Stills at $0.040; Exhibits a New 7-day Low

  • Cardano price falls by over 3% in the past 24 hours
  • ADA coin records a new 7-day low at $0.040, and more importantly it has hit this bottom after good 3 weeks
  • Within the past 3 weeks, ADA was trading in the price range of $0.040–$0.046

Cardano hits the lowest of the past 3 weeks and gives a fresh 7-day low at $0.040, after having a persistent trade above it. Unable to cross through the volatility of the crypto market, ADA price also fell along with all the major coins and altcoins viz., Bitcoin, Ethereum, XRP, and Litecoin.

Cardano Price Chart
ADA Chart By TradingView

Cardano (ADA) Price Analysis:

Analyzing the 3-month daily movement of ADA to USD on the exchange of Kraken, we see that the currency was trading around the price area of $0.052, towards the end of August.

At the onset of September, the green up trending candles took the Cardano price to mount at $0.0555, which exhibits over 5% progression.

With an immediate plunge, the coin hit an absolute bottom at $0.0350, in the last week of September 2019. This recorded a massive dip of 36.36% in the same month.

Cardano tried to rise from the vent of the previous month, and in October, it could temporarily reach as high as $0.046 and also hit bottom around $0.035 again.

Later, in the ongoing month, the price of ADA coin hit the double top at $0.046 in the first week, followed by the second top in the second week. While, currently it trades at $0.040, recording a plunge of over 13%.

ADA is trading in the ‘strong selling zone’ and has no support from the short-term and even the long-term moving averages.

The 9-day MA is at $0.0414, which is just above the current trading price area, while the 7-week and 100-day MA lie above the current trading price, giving no support to the current fall.

The MACD of the coin is above zero but holds a bearish crossover as highlighted, wherein the signal line overpowered the MACD line.

Cardano’s current trading price has immediate support at $0.039 and an immediate above $0.041 to keep the trading price range above $0.040 intact.

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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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