Price Analysis

Cardano Trades with a Steep Fall; Appears Bearish at $0.0333

Cardano (ADA), at the time of writing, was trading at $0.0333. Important to note that the many altcoins were seen soaring yesterday, but ADA price seems to have experienced an intraday fall. The movement of the coin is not supported by any of the imminent moving averages at present.

If observed, Cardano is on a continual downswing after having soared as high as $0.105, earlier this year in June when BTC had hit $13,000.

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ADA/USD Chart By TradingView

If we compare the movement of ADA against USD with that of BTC against USD, it is seen that the price of ADA coin is not influenced by the king of the cryptocurrencies—Bitcoin. There has been a steep fall observed after the coin soared, while there has been a relaxed fall for BTC in the same duration.

Cardano has been gradually bottoming out; on the other hand. Bitcoin has been creating a narrow trading price range. The current movement has immediate support by the 10-day MA, followed by the 50-day and 200-day MA. As per the 20-day Bollinger Bands laid, we do not project further volatility as the bands are seen tightening.

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As per the technical indicators laid on the daily moving price trend, we see that the MACD of the coin is running below zero and has an adjacent move with the signal line.

The RSI of ADA is at 42.83 and exhibits no extremities at present as the coin is currently trading above the 52-week low price.

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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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