Cardano Price Pulls Back By 25% in 2 Weeks from the YTD High

Cardano, a lead stake pool and the third generation modern crypto, is one of the gainers despite the bearish momentum recorded at present. Just because the entire crypto market, including Bitcoin, is also seen nosediving, ADA price has also pulled back after hitting a higher high and marking afresh YTD high and breaching approximately 30-month resistance. Cardano is blue-chip investment crypto amongst the top 10 but holds a massive potential to regain the lost traction.

On the other hand, ADA coin is one of the reliable crypto investments after the major one’s viz., Bitcoin, Ethereum, and XRP. ADA’s YTD movement on the daily chart against the US Dollar is a clear reflection of a higher high pattern drawn, despite the current pullback.

Cardano Price Analysis

Cardano News
ADA/USD Chart By TradingView

At the press time, ADA coin was seen trading above $0.100 at $0.137 after rejection at the nearest higher high viz., YTD high at $0.183. Cardano price, after having breached the upper 20-day Bollinger Band on the daily chart, is now closed to breaching the lower 20-day Bollinger Band with a bearish candlewick.

Moreover, in the last week of the previous month, the Bollinger Bands laid on the daily chart were seen widening, which led to a volatile dip over the past ten days. Despite the current correction, ADA is retaining support from 50-day and 200-day daily MA at $0.123 and $0.100, but a dip further will lead to testing 50-day MA daily support.
However, suppose the currency continues to maintain the higher high traction on the daily chart.

In that case, the current dip is a temporary fall in the price resulting in a bearish crossover on the MACD chart at present. The current pullback of 25% from $0.183 to currently trading below $0.15 over the past two weeks has led to diminishing demand, wherein the RSI is seen slipping from the overbought region to currently lying at 47.74.

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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