Cardano, after a higher high trend, is seen experiencing a downslide after hitting a nearly 2-year high towards the end of July at $0.155, while currently trades at $0.0925 and has recorded a dip of around 40% in 2 months from the 2-year high.
In this regard, ADA has now shifted to a rank below ten after gaining impetus amongst the top lucrative projects. Cardano’s Shelly has been a major transitional point for the coin, but the current market sentiment is completely red, including the largest cryptocurrency by market capitalization—Bitcoin.
Cardano Price Analysis
Cardano was trading above $0.090 at the time of writing this analysis with a bullish candle in the intraday reclaiming a positive crossover on the daily chart. However, the cumulative movement of ADA coin on the 24-hour chart is yet to see a bullish divergence once it breaches above $0.100.
After marking the YTD low below $0.018, Cardano price started gaining with a considerable momentum against the greenback, wherein it gained over 750% in 4 months from the bottom to the high. However, the market momentum has not been favorable and requires an upwards correction above the major resistance at $0.100. With an intraday gain in price, Cardano has reclaimed support from 200-day MA but is yet to regain 50-day MA at $0.111.
The trend after breaching the lower 20-day Bollinger Band is back to sliding away from the trading extremity due to intraday regain of traction. Similarly, on the MACD chart, the MACD line intersects with the signal line for a possible bullish divergence if the momentum sustains. The RSI of ADA/USD is also seen rising from the utter bottom and is at 47.05 after the recent sell-off.