The value of Cardano (ADA) declined drastically against Bitcoin and the US dollar. There was no upward movement above the resistance levels of $0.28 and $0.282 in the value of Cardano against the USD. The digital currency saw a downward movement and declined below the support levels of $0.27 and $0.26.
There was also break below the Fibonacci retracement level of the previous decline from the low of $0.233 to the high of $0.284. This paved way for further declines and the value of the digital currency settled below the $0.26 mark.
The Medium-Term Trend of ADA against the USD
There was a continuous bearish trendline in the medium-term for ADA. The impact of the bears kept the value of the digital currency around the $0.24 demand area after the value was pushed by bulls to the $0.252 supply area. Presently, Cardano is trading at $0.252.
The daily candle opened up at $0.248 against the $0.254 yesterday. The Stochastic Oscillator is in the overbought region, and it is showing signs of moving downwards. This means strong downside momentum. As the downside momentum gets stronger, more bearish candles are expected to be seen.
The Short-term Trend of ADA against the US Dollar
The value of the digital currency makes a comeback to the range of the short-term. The momentum of the bears that pushed the value of the cryptocurrency to the demand area of $0.235 twice was lost. The return of the bulls was strong as they pushed the value to the supply area of $0.26 before the bears returned again.
The range of the digital currency is between the lower demand area of $0.24 and the upper supply area at $0.26. Buyers should be patient and wait for the breakout of the upside movement or breakdown for the range of the lower demand for the continuation of a downward trend.