Price Analysis

Cardano (ADA) Price Dips After Hitting a Double Top at $0.037

Cardano is seen drawing a bearish candlestick as the day called for a pullback and currently trades at $0.0349. Important to note that in the previous week, ADA coin price had hit a double-top around $0.037 and again corrected downwards, while unable to hit the resistance. Overall, the price trend of Cardano holds a fine uptrend against the greenback just when BTC is seen accumulating with a lack of traction to have a persistent trade above $7.2k.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On a 2-hourly chart, Cardano price was seen rising after hitting the support around $0.0305, until the steep fall that took place today. After ADA coin pulled back from the double top at $0.037, it has appeared bearish, and the price trend has also nosedived below the 20-day lower Bollinger Band. The current trading price fails to retain support from the 50-day daily MA while holds support from 200-day MA. The 20-day Bollinger Bands show no extremities, however, if the bands widen, it is likely to welcome volatility in the upcoming days.

As per the current momentum, the price trend of Cardano is drawing a subtle uptrend, and we believe that a further dip is likely to breach the given uptrend. The initial week of the past three weeks also held a clear uptrend when the ADA coin hit the first stop at $0.037.

The technicals are drawing a bearish picture as the signal line of Cardano crosses above the MACD line, while the RSI lies at 41.97 and is inclined towards the support at 30.

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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