Cardano (ADA) Halts Recovery; Nosedived to $0.0354

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  • Cardano’s value has been shrunk by 1.23% in the last 24 hours
  • The coin retests $0.035 mark after hitting $0.034
  • ADA/USD may find its next halting point around $0.036389

Cardano coin has not been able to get itself out from the cycle of ups and downs. Over the last 24 hours, it has been down by a moderate decline of 1.23%. However, later it reflects a moderate upside movement, and the current price has been reached at $0.035416. It may, however, show a marginal improvement in the coming days.

Cardano Price Analysis

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ADA/USD Chart By TradingView

If we look at the price trend of ADA/USD over the last few weeks, the coin was trading with continual bearish pressure as it continues to trade below $0.032 mark with having strong support at $0.28 & $0.29.

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Yesterday, Cardano opened the day at $0.035858, and in the next 10 hours and 49 minutes, it was up by 3.14% that took the ADA price to $0.036984, the highest point of the day. However, then, it continued to trade bearishly as it marked a sharp downward move and lost 6.91% value that cost the coin $0.0025 and pulled it down to $0.034428, the lowest point of the day.

Further, ADA coin managed to show steep hike and trade above $0.0355 but again faced rejection, but it managed to trade around $0.035 mark. By 00:18 UTC, the coin managed to reach at $0.035582 with having strong support from its daily MAs, namely, 20 days MA ($0.035347) and 50 days MA ($0.035415), respectively. The RSI of Cardano is currently at 55.52 points. It may further grow in the short-term. The next resistance may follow by $0.036389.

Resistance & Support Levels:

R1: $0.03638, R2: $0.03764 and R3: $0.03841

S1: $0.3436, S2: $0.03359 and S3: $0.03234

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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