Cardano (ADA) is still deep in the red, looking for support at the bottom of the downward channel seen on the four-hour chart. The values of the coin could be due for corrections to the resistance of the channel before continuing the downward movement.
Applying the Fib retracement tool shows the next possible ceilings. The 38.2 percent Fibonacci retracement level at the middle of the channel is close to the 18 cent mark while the 50 percent Fibonacci retracement level is at the $0.1915. The 61.8 percent Fibonacci retracement level is in line with the top of the channel and it is close to the 20 cents key psychological level.
Cardano Price Today: Current Price of ADA
Cardano is presently trading at $0.1653 after an increase of 7.36 percent in the last twenty-four hours and a decrease of 19 percent in the last seven days. Cardano (ADA) is presently occupying the number 7 position on the list of top digital currencies in the world with a market cap of $4.50 billion, and the total trading volume of the coin in the last twenty-four hours is $139.12 million.
Technical Price Analysis of Cardano (ADA)
The longer-term 200-day simple moving average is above the short-term simple moving average to signal that the path of least resistance is heading south. This indicates that selloffs are more likely to resume than to reverse.
Nevertheless, the gap between the MAs is closing to indicate that the momentum of bears is slowing down. This could also indicate the brewing of upside crossover which will in return draw buyers back in. the relative strength index is on the increase so ADA might follow suit.
Stochastic is also moving north from the oversold territories to indicate that buyers are in control while sellers are on a break. At the moment, Cardano (ADA) and its peers are leveraging the dip in the dollar after the decision of the FOMC.