Cardano Trend Takes a Slipping Downturn

Cardano (ADA) opened with a moderate hike today. Gradually, the price started slipping towards, the immediate support level. If we look at the weekly movement, the price has been marking loss. At the beginning of the week, the coin was trading at $0.045 and today it has plunged to $0.0387. The fall in price is quite disheartening.

In yesterday’s market, ADA touched a high at $0.039619 and a low at $0.038443 with a volume of $33,137,956. Let’s take a look at the intraday chart.

Cardano to USD Price Analysis:

Yesterday, the coin started trading at $0.039 and immediately fell to $0.0384 by 1.59% within the first few hours. The drop continued and went till $0.0383 by 0.28%. The price recovered and jumped to $0.0386 by 0.94%. This uptrend helped the coin to touch $0.0392 and then $0.0395 by 1.86% and 0.91% respectively. There was a slight fall in price before closing. However, the day closed with a profit of 0.21% at $0.0391.

Today, the price started with a moderate movement. The coin booked a fall at $0.0386 from $0.0390 by 1.09%. The current trading price of ADA is at $0.0387.

Cardano Price Chart
Cardano Price Chart by TradingView

Cardano price is currently dealing around the immediate support level. It wouldn’t be a surprise if it crosses the major support level at $0.037 by the end of the day. Here is the support and resistance level chart.

Resistance Level Price Support Level Price
R1 $0.039951 S1 $0.038775
R2 $0.040373 S2 $0.038021
R3 $0.041127 S3 $0.037599

Today, the market seems bearish but looks like ADA remains unaffected by it. The coin was seen exhibiting great potential in the first half of the year, but now it is suffering. However, the brains behind the coin are in the continuous process to embark on an improvement. We are hopeful that same would turn out fruitful in some time. For now, we would recommend the traders to stay put.

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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