Cardano Trades with a Pale Trend, Slumps to $0.044

  • ADA/USD keeps it intact in the price range of $0.043 to $0.047 since past one week now.
  • Has a profound effect on the market cap value as well.
  • Cardano slipped from $0.050 on 28th August, when the whole crypto market almost crashed.

Cardano is known to be one of the highest performing altcoins. The current marking ranking is evidence to it and its foundation is the most active ones, working round the clock. However, the coin seems to be a range bound at present as it is constantly trading within the price range of $0.043 to $0.047 since August 29, 2019. This price dip has led to a plunge in the market cap value as well, as it fell from $1.2 million to somewhere around $1.14 million.

ADA to USD Price Chart by TradingView:

Cardano (ADA) Price
ADA Price Chart by TradingView

Tracing the 1-hour movement of ADA/USD in the past 24 hours, we notice that the maximum of candle formation in the said duration is red and has a declining trend as well. On the contrary, when observed closely, we see a potential uptrend for the rest of the day, but the maximum that Cardano price can fetch will be $0.045 by the end of the day.

Today, the coin has been declining since the daybreak and even went as low as $0.043. However, it trades at $0.0442 with a spike of over 2%.

ADA Technical Indicators:

The coin trades with selling pressure and has had a plunging breakout around $0.043 which is at 100% Fib Retracement level. ADA price has traded to a major extent of 28.60% to 78.60% Fib Retracement.

The current trading price is notably around 5-day SMA ($0.045) and 5-day EMA ($0.044), while it is less than the 50-day SMA ($0.052).

The MACD of the coin is gaining momentum in the negative array with a slight bullish crossover as the MACD line just crossed the signal line.

The RSI remains slightly above 40, inclined to the oversold region.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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