- Cardano ADA is Gaining Momentum in the Bearish Territory Despite Brief Bullish Control
- The Bulls Continue to Hold the Line Above the $0.1000 Level Preventing Lower Lows Near-term
Cardano News Today – Last week, the Cardano ADA token gained some bullish momentum that allowed it to move above the $0.1000 level for the first time in weeks. This rise was much welcomed in the community and it allowed the token to hold the line against lower lows near-term. Unfortunately, the price of the Cardano ADA token is still trading in favor of the bears as the bulls are yet to seal their position in the market. This morning, there was a flash sell signal for the Cardano ADA token showing that the bears are coming back to the market with everything they have.
Cardano ADA Price Prediction 2020 – Cardano ADA is Still Bending to the Will of the Bears
At the time of writing, the Cardano ADA token was trading at the $0.108 level. it was down by 1.46% against the USD with a 24-hour trading volume of $1,054,016,989 and the market capitalization was $3,364,019,609. The upside move for the Cardano ADA token is being blocked by the 100-day moving average. The technical indicators that used to be bullish are now moving to bearish territory. The token is facing key resistance at $0.114. There are clear signs that the token is in a reversal channel.
The MACD is gathering momentum in the bearish territory. This shows that the token is on the verge of reversing from the bullish territory to the bearish territory. There is strong resistance at the $0.114 level and the ADA token is consolidating between the 100-day simple moving average and the 50-day moving average. The immediate support for Cardano ADA is at the $0.1000 level. A fall below this level will lead the token lower to the $0.097 resistance and eventually to the resistance at $0.076 if the bears remain in control of the market.
There is still hope for the Cardano ADA token if it remains above the 50-day simple moving average. A fall below this level will lead to nothing more than lower lows near-term. As the MACD and relative strength index are bearish against the USD, the TD sequential indicator has flashed a sell signal for Cardano ADA. A fall below the support at $0.075 will open the doors for lower lows to the $0.067 level. On the upside, the Cardano ADA token might retest the bullish territory if it holds the line and gathers momentum to move above the $0.114 level. If the bulls move above this level, the token will move the $0.125 level.
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.