Cardano Price Reflects Bearishness but Trades Above $0.1550

Cardano shifts to a position above BNB coin, Stellar, and Bitcoin SV and is now ranked amongst the global market’s top 10 cryptos. However, the team of Cardano and its CEO, Charles Hoskinson, are head to toe dedicated to making it one of the most lucrative 3rd generation platforms. 

Cardano, after Bitcoin, Ethereum, XRP, and Litecoin, is one of the most preferred altcoins of the global market and is definitely a blue-chip investment. Cardano is already breaching 28-month resistance after crossing above $0.150 in July and is therefore surrounded by many price possibilities in the near term. ADA holds all the capabilities of breaching the major resistances throughout. 

Alongside, the price of the native coin ADA is one variable while the platform is another variable that is the reason the former is gaining enough impetus to lure investors for a gainful investment. With this, Cardano is acing the race and is one of the top 100 pools to help Cardano in decentralizing the network completely. 

The above change in the upcoming first weekend of the last month of the year will make Cardano even more decentralized. Read more about Cardano to know why Cardano is a gainful investment in terms of price front.

Cardano Price Analysis

Cardano News
ADA/USD Chart By TradingView

On the daily chart, Cardano was seen breaching the upper band as it breached above $0.150 at $0.190 in the last week. With a pullback noticed in the largest cryptocurrency in the market, the significant altcoins, including ADA, corrected downwards. The steep rise in the price of ADA/USD led to trading above 61.80% Fib Retracement Level and even after a clear correction of 19%, Cardano is maintaining its stance above 61.80% Fib. 

The Bollinger Bands are seen widening on the daily chart and are likely to experience near term volatility against the greenback but retains complete support at the 50-day and 200-day MA at $0.115 and $0.105, respectively. 

Cardano Price News

However, on the 2-hourly chart, ADA/USD is seen drawing a bearish divergence on the MACD chart after dropping below $0.120 from the 28-month high marked at $0.193. The RSI of Cardano is also seen inclining towards the oversold region due to price slash in the intraday, lies at 39.74, leading to decreased demand over the past 24 hours.

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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