Cardano (ADA) Gains Short-term Support; Marks an Intraday Dip

Cardano, at the time of writing, was trading at $0.0331. In the last trading month of the previous year, ADA coin has shown two extremities at $0.0421 and $0.0304. The current trading scenario of the coin is such that it has been moving in a stated price range, facing rejection above $0.0355.

This price of the coin has been consolidating in the stated range for a fortnight now. Also, the current trading price is supported by the short-term moving average.

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ADA/USD Chart By TradingView

Analyzing the 4-hourly movement of ADA/USD on Kraken, we see that the coin has been maintaining a stable trading price range after having fell from $0.0421. This downtrend was quite notable as the initial days of the previous trading month have been despairing for the altcoin investors. Important to note that the Cardano has lost the major support of 200-day MA, as it started dipping.

Moreover, the 20-day Bollinger Band assigned also shows a moderate movement and we do not foresee volatility, as of now. All the imminent moving averages viz., 10-day and 50-day are moving inside the Bollinger Band width, while the 200-day MA is away due to unsupportiveness of the same.

Cardano Coin

The technical indicators laid confirm the moderate bearishness due to intraday movement at present, as the MACD of the Cardano runs below zero, and holds a slight bearish crossover.

The RSI of the coin is at 47.06 and exhibits no extremities at present.

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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