Cardano Trades “Directionless” as it Turns Flat at $0.025
- Cardano (ADA), at the time of penning down this analysis was trading at $0.0253 after recording a bottom at $0.0174 amidst the choppy market
- The price of ADA is accumulating between $0.020 and $0.029 until there happens to be a directional trade
- The coin fails to retain support from the 200-day and 50-day daily Moving Average on the intraday chart
- ADA price trend stays below 38.20% Fib Retracement Level as the market for the coin turns flat
Over the past 9 days, Cardano has been showing a mix of price movements and has ultimately turned flat. Alongside, the price of Bitcoin is also showing a flat price movement around $5,000 with a recent dip marked around $4,400.
Cardano Price Analysis
On the intraday chart, the price of Cardano continues to accumulate for the 4th day in the row after having a weekly bottom at $0.020. However, the bearishness is still prevailing as the market turns flat due to “directionless trading.” Over the past 9 days, ADA has lost around 60% from the trading price of $0.0444 to the marked bottom at $0.0174. As the price keeps accumulating, we see marginal volatility floating in the market and just when BTC bottomed around $4,400, Cardano tested the support at $0.020.
The technical indicators laid confirm the directionless trade as the MACD turns flat along with the signal line of ADA coin. While, the RSI lies at 43.67 and is seen inclining towards the major support at 30, due to lack of steady support and momentum yet remains away from an impulsive sell-off.