Recently, the value of Cardano (ADA) declined beneath its ascending triangle channel to indicate that the coin might experience a reversal very soon. The value of the coin could be in for a consolidation from its downtrend before amassing more momentum on its slide.
Cardano (ADA) Price Today – ADA / USD
At the time of writing, the value of Cardano (ADA) has increased by more than 4.5 percent over the past twenty-four hours, and the digital currency is now trading at $0.13395. The current market of the coin is $3.47 billion and its trading volume over the past twenty-four hours is $50.47 million.
Cardano (ADA) Technical Analysis
On the four-hour chart of the coin, the longer-term 200 simple moving average is still beneath the 100 simple moving average, indicating that the path of least resistance is currently heading north. Nevertheless, the space between them has contracted enough to signal that a bearish crossover is pending, giving the bears more traction to suppress the value of Cardano (ADA).
Using the Fibonacci retracement level tool on the previous swing low and high indicates that the 38.2 percent to 50 percent levels are in line with the broken channel support that might act as hurdle point from here.
The relative strength index is also heading north to indicate that buyers are still in control and they could keep the correction going for a while. Also, the stochastic oscillator is moving up to indicate the presence of bullish pressure. Once the oscillators hit the overbought levels and head back down, there could be a reversal in selling pressure which could result in a drop back to the swing low.
Chances are the digital currency can still gather enough momentum to return to its previous levels, as the major principles and roadmap for the future growth of the coin were just released by the development team.