Cardano (ADA) Needs to Stay over Its Major Support Level at 10 cents to Consolidate Higher

The value of Cardano (ADA) recently furthered its declines against Bitcoin (BTC) and the US dollar. The value of the coin declined below the support at $0.124 and tested a new weekly low at $0.1150. The digital currency is now trading beneath the $0.124 mark and it needs to stay over its major support at 10 cents in order to prevent further losses.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.076978
1.18%

At the time of writing, Cardano (ADA) is changing hands at $0.1191 after losing about 8 percent of its value over the past twenty-four hours. The current market cap of the digital currency is $3.09 billion and the trading volume of the coin over the past twenty-four hours is $75.47 million.

Cardano (ADA) Price Trend and Analysis

The value of Cardano (ADA) recently surged over the 13 cents mark against the U.S dollar. The digital currency was changing hands over the $0.1320 cents level, but it failed to surge over its resistance at the $0.1350 mark. As a result of this, the digital currency declined drastically and broke its support at the 13 cents mark.

Also, there was a break beneath the $0.124 support level and the value of the con settled beneath the 100-hourly simple moving average. During the downward movement of the coin, there was also a break beneath a key bullish trendline with support at the $0.1288 mark.

The digital currency even broke the 12 cents support level and created a new weekly low at $0.115. At the time of writing, the digital currency is consolidating higher towards the 12 cents mark. It’s also testing the 23.6 percent Fibonacci retracement level of the previous swing from the high of $0.1328 to the low of $0.115.

The digital currency may surge over the 12 cents mark pretty soon, but it might face a few hurdles close to the $0.1220 and $0.1240 marks.


SEE ALSO:   JP Morgan internal Cryptocurrency prediction report: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Cardano, Dash, Litcoin etc are here to stay - Cryptocurrency News Today - Sat Oct 20

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