Price Analysis

Cardano Trades Moderately Bullish; Holds Risk of Downside Breakout

  • Cardano trades above the 52-week low that was exhibited in the previous week
  • The constant lower highs formed in the past 6 months gave a fresh 52-week low in the previous trading week at $0.0308
  • ADA gains support from the 10-day MA, however, fails to gain long-term support

Cardano has been only declining in the latter half of the ongoing year. Analyzing the same, we don’t believe that the ADA coin will end up trading surprisingly well in the last trading week of 2019. However, the intraday movement is quite recognizable as the coin is currently trading at $0.0342. The selling pressure remains intact as the currency fails to gain support from the long-term moving averages.

Cardano Price Prediction

Cardano Price
ADA/USD Chart By TradingView

Analyzing the daily ADA/USD movement on Binance, we see that the coin has been trading with moderate yet high volatility as there has been no rising upward movement in the past 6 months. The current movement of Cardano coin also lacks momentum so a further fall is anticipated before it soars moderately maintaining the lower-high trend.

With this, the currency fails to gain support from the important daily moving averages viz., 50-day, 100-day, and 200-day.

Technical Indicators:

ADA Price

The technical indicators also confirm the bullish yet volatile movement of Cardano, as the MACD line runs below zero and hold a slight bullish crossover due to the positive intraday move.

The RSI of the coin is at 43.14, which shows no trading extremities at present.

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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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