Cardano, the modern generation crypto that has made a breakthrough in the market after Bitcoin and Ethereum, is now one of the top 15 cryptos globally. However, we cannot ignore the fact that the coin has now plummeted below the 10th position, which otherwise was seen trading between the 5th to 10th position.
Due to gradual loss of momentum, ADA/USD, just like any other crypto, is nosediving and is currently trading at $0.0901. Moreover, Cardano price has dipped below $0.100 in 2 weeks from trading at a 30-day high of $0.113 to currently nosediving by around 20% against the US Dollar.
Cardano Price Analysis
ADA coin experienced a steep rise in the price and hit a 30-day at $0.113, but with loss in momentum over the past eight days, the currency pulled back gradually below $0.100. With a bearish sentiment, the Cardano price trend is hitting the lower 20-day Bollinger Band. These bands are seen moderately widening, and therefore the coin might experience a volatile bearish price movement. The coin is not holding support from 50-day and 200-day daily MA after having slid below $0.100.
The market sentiment confirms the negative sentiment of the market, and in this regard, the MACD draws a bearish bias, and the signal line is crossing above the MACD line. The RSI shows a lack of demand as the price of the security slashes lies at 26.10, below the significant support that is marked at 30.