Cardano (ADA) Holds a Slight Bullish Crossover; Rises Above Oversold Region

  • Cardano price around the 7-day low at $0.0366
  • The current price is rightly supported by the 9-day MA
  • In the past seven days, ADA/USD has hit the highest at $0.0392
  • ADA faces the inability to trade at and above $0.040—the major resistance price point

Cardano News Today

Cardano coin, just like any other altcoin, is exhibiting a declining trend marking a price plunge every day. With this, $0.040 remains the major and strong resisting price area. However, currently, ADA price is supported by the 9-day Moving average. A further price plunge can lead the current support to become inactive, and the price trend may draw a total bearish crossover.

Cardano Price Analysis:

Cardano Price
ADA/USD Chart By TradingView

Analyzing the 7-day movement of ADA/USD on Kraken, we see that initially this week, Cardano coin tried to rise but couldn’t trade at par with the major resistance at $0.040. As the whole crypto market trades bearishly, including the king of cryptocurrencies—Bitcoin, it has laid a similar kind of effect on almost all the altcoins. Cardano price drop has also led to creating a plunging effect on the market cap and 24-hour volume of the coin.

Accordingly, the major support area lies around $0.035 price, and currently, the ADA coin trades slightly above it with a strong inclination of running downwards as it lacks the momentum to have a steep rise. The technical indicators also throw a similar kind of conclusion as per the trading of Cardano coin.

Technical Indicators:

Cardano Price Analysis

The MACD of Cardano is running below zero but holds slight bullish crossover at present as the MACD line cuts the signal line from below. This is due to the green upside candle formation, and the price is 4% more than the major support.

The RSI of the ADA coin is at 51.99 and shows no extremities at present. The RSI is also rising away from the oversold region, which gives a positive outlook.

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.

Related Articles

Back to top button