Price Analysis

Cardano Trades at $0.037, Holds Strong Bearish Crossover

  • ADA currently trades at $0.037, after having dipped to $0.033 in the previous trading month
  • The trend line of Cardano is forming a rising wedge, while currently focuses on the fall
  • The coin has shown a rapid fall of over 28% from the trading price of $0.046 to $0.033
  • Cardano trades with utter selling pressure and has no support from the short-term moving averages that were previously active

The previous trading month has been quite distressing for the crypto investors as all the major coins and altcoins dipped unimaginably. ADA coin was no better as it hit the fresh low of the past 90 days at $0.033. Recording an uptrend over 12%, it is currently trading at $0.037, better than the recorded lowest at $0.033.

Cardano Price Prediction:

ADA/USD Price Chart
ADA Price Chart by TradingView

Taking a glance at the monthlong movement of Cardano against USD on Kraken, we see that the coin was trading at an average price of $0.042. After a swift upward movement, ADA price soared at $0.0462 in the third trading week of the previous trading month. Just to rapidly fall at $0.033, recording a dip of over 28% just when the king of cryptocurrencies – Bitcoin price dipped to $6,800 after rising above $7,000.

After plunging, the Cardano price trend formed a rising wedge-like pattern, and at the onset of the last month of 2019, the ADA coin is trading at $0.0377. The dip in the price is inherent and currently holds a bearish outlook, marking a fall of over 3% in just 24 hours. The red candles in ADA to USD price trend have taken an inverse turn and withhold bearish crossover.

Technical Indicators:

At the time of writing, none of the short-term or long-term moving averages provided grounded support to the trading price area around $0.037.

The MACD of the Cardano also confirmed the same as it had a bearish crossover wherein the signal line cut the MACD from below, running towards zero.

While the RSI of ADA coin is at 38.10, being inclined towards the oversold region and plunging downwards as the price is declining at press time.

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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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