Those were the days in the previous year when we used to hope that the year 2020 will bring some fresh bullish vibes to the market, and bears will be far away from sight. However, the time is showing us exactly the opposite of that.
The Coronavirus has already vanished those optimistic predictions, and here we are, waiting for rescue after a heavy market crash that took place in March. While all the traditional markets suffered hefty losses, cryptos were anticipated to stabilize the situation a bit, but the digital currency market, too, saw some significant sinking.
Cardano Price Analysis
While, BTC, the coin which largely influences the market has rebounded from $7000 to $9000, ADA coin too has seen some impressive growth. The escalation took place in mid-April, and now the coin is settling up there. The price hike was as strong as 70%, where the Cardano price managed to reach above $0.054. The corrections have ushered the coin below $0.049.
Here, the moving averages are in the positive zone, and it may remain the same way if the consolidation strengthens. Meanwhile, the MACD is in the downside with a stable RSI. Although if we look at its 1-day chart of Cardano, the picture isn’t that affirmative.
After a gradual loss shown in the chart, the ADA coin has not managed to climb even above the 38.20% Fib level. Cardano has seen a rejection at $0.050 yesterday, and now the coin is moving along the 200-day EMA line. The immediate support of the coin stands at $0.049; any downward move from here can invite bears all over again, and this is the most undesirable anticipation for now.