Cardano (ADA) Has A Chance To Go Higher But A Downside Correction Is Necessary

It’s a new month for trading cryptocurrencies and things are looking bright for the first day of the month. The price of Cardano moved above the support at $0.0840 this morning. It also moved above the 100 hourly simple moving average. A significant bullish trend line with support at $0.0840 was formed and the charts show that the price may correct lower towards the $0.0800 level today before the bulls show up. Downside corrections are often necessary for upward momentum so there is no need to be alarmed. The cryptocurrency was bullish this morning not just against the USD but against Bitcoin as well. After the downside correction, it will most likely move as high as $0.0900.

Cardano (ADA) Price Today – ADA / USD


Yesterday, Cardano fell as low as $0.0745 after which it started moving upward recovering slowly against the USD. The pair moved above the resistances at $0.0840 and $0.0800. It moved near the $0.0900 resistance level before it finally settled above the 100 hourly SMA. The cryptocurrency formed a mid-day high at $0.0887 before the price started falling. Cardano fell below the 23.6% Fib retracement level of the last rise from $0.0745 to $0.0887. The support at $0.0840 contained the losses and a significant bullish trend line with support at $0.0840 was formed on the price chart.

Underneath this bullish trend line, the pair will most likely move towards $0.0800. There is already a support at the $0.0810 level. There is also a support at the 50% Fib retracement level of the last rise from $0.0745 to $0.0887. The relative strength index is below level 50 and the MACD on the hourly chart is in the bearish territory.

Cardano (ADA) Price Now

At the time of writing, Cardano is trading at $0.085304. This indicates a 0.42% fall against the USD and 0.45% fall in Bitcoin. Over a 24 hour period, the trading volume is $49,972,755 and the market capitalization is $2,211,674,501.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


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