Cardano Tests the Previous Support at $0.036; May Decline Further

  • Cardano (ADA) dropped by 3.63% and took the shelter near previous support at 0.036 USD
  • The next few days may not see any signs of recovery; support may come at 0.035 USD

Cardano has been hit severely over the last 24 hours with a bearish bias. The value of each coin has been down to 0.036 USD from 0.038 USD. The whole price trend can be divided into three major price variations in the range between 0.038 USD and 0.036 USD.

Cardano Price Analysis

Cardano Price
ADA Price Chart By TradingView

ADA coin opened the day at 0.0382 USD, and the first major price variation happened between 00:33 UTC and 10:15 UTC. Over these 9 hours and 42 minutes, Cardano lost 0.0014 USD and got placed at 0.03736 USD. It was followed by a 3.09% hike that added 0.0011 USD to the value and pushed it to 0.03851 USD by 19:31 UTC. The last variation started at 19:31 UTC, and over the next 5 and a half hours, it made a slump of 4.90% to touch 0.0366 USD.

Cardano’s market cap has shown a huge decline over these 24 hours. It was at 983.080 million USD on December 3, and now it has reduced to 963.762 million USD. This deduction of almost 20 million USD in the market cap has impacted the investors’ confidence to quite an extent.

ADA Price Prediction

Cardano’s 20 days average stands at 0.03691968 USD, and its 50 days average is now at 0.03701206 USD. The current price trend of ADA is at 0.03687911 USD that is 0.35% and 0.10% less than the 50 days average and 20 days average, respectively. Cardano may soon seek the support of 0.035 USD as the coming few days can give many major shocks to the Cardano investors through the price trend.

Resistance & Support Levels

R1- 0.03871 USD, R2- 0.039503 USD, R3- 0.040245 USD

S1- 0.037175 USD, S2- 0.036433 USD, S3- 0.03564 USD

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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