Price Analysis

Cardano Price Accumulates as it Rises Over 50%; Yet Appears Bearish

  • Cardano price trades at $0.0262 after nearing an All-Time High at $0.0167
  • A downtrend seems to continue as we project further losses due to lack of momentum and support
  • ADA/USD has lost over 75% in a period of 30 days from mounting at $0.0729 to bottoming out at $0.0167
  • The bearish crossover prevails as the currency has not made any intraday rebound
  • ADA price trend remains inclined towards the Bollinger Band to a major extent due to lack of steady momentum and support

Cardano price is seen accumulating over the past three days after it had hit the lowest at $0.0167 on Binance. As the global crypto market is facing a dearth of steady momentum, the investors have shed millions. Moreover, Bitcoin has also shrunk and is trading below $5,000 now and losing over 50%.

Cardano Price Prediction

Cardano News
ADA/USD Chart By TradingView

ADA/USD is seen as having a bearish extension as it experiences a notable downfall after recording a 2-week high at $0.0527. The currency has lost over 65% in a span of 8 days as it marks a fresh low and fails to rebound steadily. The price accumulation has been within the price range of $0.030 to $0.022, where Cardano price attempted to rise above the marked bottom yet failed to retain support on the 2-hourly chart. The 200-day and 50-day daily MA fail to manifest support.

ADA News

While taking an emphasized look at the 8-hourly chart of ADA/USD, we see that the coin has lost a magnificent amount during the crypto market crash, which is still prevailing. Cardano price seems to experience a trend reversal when compared to the first half of 2020, until now.

The technical indicators laid confirm about the selling pressure as the RSI holds around 29.39, below the major support at 30, and the MACD also gives out bearish divergence as the signal line crosses above the MACD line.

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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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