The digital currency market seems to be in a chaos for the better part of this month, and as long as the institutional big players don’t pump money into the market any time soon, the trend is likely to continue. With a high level of uncertainty, the market malpractices and Coinrail hack it might take a long time before tangible gains are realized across the whole digital currency market.
The value of Cardano (ADA) is presently under so much bearish pressure against Bitcoin and the U.S. dollar. The value of the ADA against the US dollar must remain over the 15 cents mark to contain losses in the short-term.
Cardano Price Today: Current Price of ADA
At the time of going to press, the value of Cardano (ADA) is still in the red and it is trading at $0.166 after a decrease of 2 percent in the last twenty-four hours. The digital currency boast of a market cap of $4.36 billion which makes it the 8th most valuable digital currency in the world. The trading volume of the coin in the last twenty-four hours is $130 million.
Cardano (ADA) Technical Analysis
There was a drastic decline in the value of Cardano earlier this week as it crashed below the support level at 20 cents. It followed the likes of Ethereum and Bitcoin and declined by over 25 percent. The coin went below the 15 cents mark before buyers showed up.
A low was formed close to the $0.146 mark before the value started correcting higher. It moved over the 23.6 Fibonacci retracement level of the previous swing from the high of $0.1815 to the low of $0.1459. Nevertheless, the coin has been able to correct further but it is currently facing resistance at the 17 cents mark.
The chart of the coin clearly signals that the value of the coin is under so much pressure beneath the 20 cents mark. The value may correct higher, but it is still at a risk of more losses if it declines below the 16 cents mark.