Cardano Shows a Positive Intraday Movement with Cumulative Downfall
- Cardano trades above the fresh 52-week low price that it hit yesterday
- However, the cumulative movement in the past 6 months seems to dip
- We also observe a stable yet declining movement of ADA/USD for two months now
Cardano price has been sliding down and forming a lower trading price range after the month of July. However, there have been a few spikes in between for which we believe that we can bet on a short-term bullish move for ADA coin. Also, if we connect the downward trendline from the mid of September, it confirms the long-term bearishness as we see the trend falling. For instance, today, ADA has been trading comparatively well, and the Bitcoin price has also moved above $7,000 and therefore, investors can trade well in the short-term.
Cardano Price Analysis:
Analyzing the ADA/USD movement on Binance, we see that the coin is cumulatively moving bearish throughout the said time frame. As per the laid Bollinger Bands, we see most of the downward breakouts as the trend hits the lower band. The most recent candle has also hit the lower Bollinger Band and is rightly trading away from the Bollinger Band Basis, 10-day MA, 50-day MA, and 100-day MA. The 100-day MA has majorly driven away from the upper Bollinger Band as the price shifts downsides.
Technical Indicators:
Apart from the cumulative bearishness, Cardano coin has shown a positive move today as it rose away from the 52-week bottom that it hit yesterday.
The MACD of ADA coin is moving below zero and holds a slight bullish crossover due to the positive intraday move.
The RSI of the coin is at 37.92, which has also risen from the oversold region due to the current upward movement.
