Cardano Price Analysis: January 1, 2020 – ADA: Last Support Ahoy!
Bears are in full control, and downtrend seems to be continued for the Cardano. Weekly ADA prices are moving towards critical support, and bull needs to defend this last support.
Weekly ADA prices are trading below the 9 days SMA, and 21 days SMA denoted by the blue line and white line, respectively. Prices are still in the downtrend and moving towards the critical support at $0.028, denoted by the white dotted straight line in the below-given chart. RSI is 35.64, which is skewed towards the oversold region, and meanwhile, Stoch RSI is moving towards the oversold region.
Daily ADA prices could not hold the support at $0.037 denoted by the yellow dotted straight line and currently trading below the 9 days, 21 days, and 49 days SMA denoted by the blue line, white line, and green line respectively. Daily ADA prices are getting rejected by the 21 days SMA as evident from the chart given below; if history repeats, then the ADA prices will see a push in a downward direction towards the weekly critical support at $0.028. RSI is at 42.95, which is a neutral signal; meanwhile, Stoch RSI is at the overbought region and it is indicating that the price will go down with this shift in daily price momentum.
Few things noticeable with the Ichimoku Kinko Hyo system on the 1-day time frame chart are as follow:
- Prices are trading below the Kumo; outlook is bearish.
- Prices are trading below Kijun Sen (red line), bearish.
- Prices were previously supported by the Tenkan Sen (blue line); currently, prices are trading below it as the prices lose its support of Tenkan Sen. This indicates that the prices will go down further.
- Chikou Span is below the price candles and Kumo; bearish.
Conclusion:
Prices will move down towards the weekly critical support at $0.028, as evident by the Stoch RSI and Ichimoku Kinko Hyo indicators. ADA prices are strongly inside the bear’s grip, and the downtrend will continue.
