Cardano Trades Above $0.038 After a Week of Doomed Trade; Soars by Over 15%
- Cardano trades at $0.038, after nearly a week of a downtrend
- ADA has hit the lowest at $0.0330 on November 25, 2019
- Currently trades with a 15% when compared with the lowest in the said time frame
Important to note that Cardano (ADA) is currently trading with a growth of over 6% in the past 24 hours. The whole crypto market, which tearing apart along with all the major coins viz., Bitcoin, Ethereum, and XRP have also started gaining and hitting the resistances instead of battling with inactive supports. The short-term moving averages have also come to rescue as the 9-day & 49-day MA are providing a ground. However, the selling pressure is still intact, and the long-term MA is providing no support to the current trading price.
Cardano Price Analysis
Analyzing the hourly movement of ADA/USD on Kraken for a period of the past seven days, we see that the coin has made an Elliot Impulse Wave pattern but is inclined towards the lower price range. ADA price trend gave the first low in the said time frame at $0.034. Within the next three days, Cardano price dipped by over 3% to hit the lowest in the said time frame at $0.033.
ADA coin dipped to the said lowest price from trading around the price area of $0.041, and the current trading price is 7% lesser than the same. However, it has improved quite notably from the lowest price of the past 90 days.
Technical Indicators
The MACD of Cardano just had a bearish crossover as the signal line cut the MACD line from below.
While the RSI is at 53.91 and shows no extremities at present.
