Cardano Price Overturns Yesterday’s Recovery and Adapts Bearish Trend

ADA coin has spent the entire week fluctuating in the market. The period was power-packed, but the volatility has invited the drop in the Cardano price. The traders are worried as they were hoping for a better momentum, but it looks like the downtrend is still intact.

If we look at yesterday’s chart, ADA coin price was seen touching a low at $0.037876 and a high at $0.039728. The volume recorded was at $37,098,921.

Cardano (ADA) Price Analysis

Yesterday, ADA started with a fall and the price counter moved from $0.0398 to $0.0392 by 1.57%. The drop kept intact and took the price to $0.0384 from $0.0395 and later to $0.0377 from $0.0387 by 2.70%. Further, there was a recovery in the price; the coin moved from $0.0376 to $0.0384 by 2.29%. The day closed at $0.0381 from $0.0398 by 4.36%. Today, ADA again started the day with a fall of 1.34%; the price counter shifted from $0.0381 to $0.0376.

Cardano Chart By TradingView

The crypto market is going through a rough phase. The Market Cap is at $21 billion and it appears that upsurge is delayed. Cardano traders had high hopes from the ongoing month; the first four days have been quite volatile. We are positive that the current scenario would get stable in some days.

The currency is usually recommended to long-term traders, but for now, we would advise to stay put and let the fluctuation period pass. To gain considerable profits from short-term trading in ADA, traders should consider the following support and resistance level:

R1: $0.39434, R2: $0.040507 and R3: $0.041286

S1: $0.037582, S2: $0.036803 and S3: $0.03573

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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