Cardano (ADA) Trades Utterly Bearish as it Records a Fresh 90-day Low

  • Cardano price drops by over 10% in the past 24 hours
  • Recording a massive drop, ADA coin currently trades at $0.033–marking a fresh 90-day low
  • The recent drop recorded a notable steep price trend, as manifested from the momentum of past 2 days

The global crypto market is ripping off all the gains as the king of cryptocurrencies is currently trading below $7,000. Also, the major altcoins like Ethereum, XRP, and Litecoin have recorded a massive drop in their trading prices, wherein a few have even recorded fresh lows of the past 90-day time frame. Cardano falls in the latter category as it trades at a 90-day low price.

Cardano Price Prediction

ADA Chart By TradingView

Analyzing the daily movement of ADA/USD over the past 6 months, we see that the coin has been on a constant downtrend after the rally in June when ADA price soared as high as $0.0106. The downward oscillation has been quite emphasized since then, and the coin is currently hitting the lowest of the said time frame. This price correction phase began when Cardano hit $0.0355 in the previous month and unable to hold the later spree it plunged.

ADA Price
ADA Chart By TradingView

The 1-month trading picture also draws a bearish outlook of the ADA price trend that it is presently holding. The Elliot Waves used draws a waving scenario of the past 300-days. Wherein, the highest in the said time frame was above $0.0450, while currently, it is correcting downwards recording the lowest, though. The current trading price area holds no grounded support from as of now, as the market is densely volatile, holding inactive supports. From trading around $0.038 in the past 24 hours, ADA coin currently consolidating around $0.033, records over 13% fall. The 9-day MA stays still around $0.035 which holds over 5% difference between the current trading price and the former.

Technical Indicators

As the supports become utterly inactive, all the major moving averages, i.e., 9-day, 49-day, and 100-day remain notably above the current trading price at $0.0351, $0.0372, and $0.0401 respectively.

The MACD of Cardano is running bearishly below zero as the signal line crosses the MACD line.

The RSI confirms the super bearishness that is prevailing as it is at 27.02, which is below 30, emphasizing the oversold region and the selling pressure.

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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