- Cardano’s ADA broke its 1st support
- ADA/USD – Bearish trend to persist
Cardano News update – Cardano appears to have surprised the market with its stagnant position, as most of the coins are trading modestly, ADA continues to struggle in the market. In the last 24 hours, it has declined by 2.60% and has penetrated its first support level. Though, the market view is still going well for ADA coin as it has been able to scramble off on the market cap.
Cardano Price Analysis – Cardano stated the day with a massive decline of 7.43% that took the price of the coin to 0.0315 USD from 0.0341 USD. Although, a small recovery aided the coin to increase from this lower level. The next few hours were full of unexpected price variations. Though, it managed to hold the line and added 1.72% to get positioned at 0.033337 USD.
The market cap of ADA appears intact. In the space of December 27 and 28, the market cap has surged to 864.417 million USD from 858.176 million USD. Currently, Cardano holds its price at 0.03326 USD. The current price movement has a massive gap to cover. It’s 50 days MA is currently at 0.03324 USD and the 20 days MA is a little above at 0.03326 USD. The struggle persists for some days.
It appears that the year-end may not experience any major addition. Though, it still holds the possibility to fit itself into the next resistance of 0.034276 USD with no stipulated time frame.
ADA/USD – Bearish Trend to Persist
Cardano’s 1st resistance was at $0.034276, the 2nd resistance at $0.035452 while the 3rd resistance was at $0.036477. The 1st support was at $0.032075, the 2nd support was at $0.03105 while the 3rd support was $0.029874. The coin is currently trading at$0.0338.
Cardano (ADA) Price Today – ADA / USD
The coin is observed to be hitting a double bottom price level, which was last seen at the beginning of the year. As the year is about to end, ADA coins appear to have held on to the same value from which it began. Hence, it is testing a crucial support level as it is moving close to the peak, emphasizing the bearish move.
The lower highs indicated rightly outline the dip that the price of the coin has created. The volume of the coin is also recording a dip after the coin increased earlier this year. At its current trading price zone, the ADA/USD pair is testing the significant weekly support. The MACD line is moving below zero and the signal line prevails the MACD line. The RSI of the coin is currently at 43.77.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.