Cardano Price Analysis: Is Cardano (ADA) On The Verge Of A Break Out?

The entire digital currency market is currently deep in the red zone after a recent Bitcoin price rally that saw the BTC/USD price over the $12k level. The massive surge in the price of Bitcoin (BTC) also pushed the prices of other digital currencies significantly higher. The price of Litecoin (LTC) broke over the $100k mark as a result of the massive price rally of Bitcoin (BTC). Other digital currencies such as Cardano (ADA), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and more also benefited from the rally.

However, almost all the top coins in the market have lost a considerable fraction of the gains they amassed during the recent price rally. The price of Bitcoin (BTC) is now down to around the $11,500 mark. LTC USD price is struggling around the $92 mark. Litecoin has also lost its position to Bitcoin Cash (BCH), which is now the fourth-largest digital currency by market cap according to CoinMarketCap. Another digital currency that is deep in the red is Cardano (ADA).

Cardano Price Analysis – Cardano Price Prediction 2019 – Cryptocurrency Market Update – Cryptocurrency News Today

Cardano (ADA) is currently on the 13th position on the list of top digital currencies by market cap. The digital currency has been laying low, beneath the triangle pattern. This pattern shows the bearish trend that the price of Cardano has portrayed while it has been beneath most key pointers and markers into a state of decay. The 4-hour chart is showing signs of a bearish trend with the downtrend momentum presently being suppressed and the price consolidated. There are also no signs of technical indicators that might out bullish.

The price of Cardano (ADA) may either fall or rise. The moving average convergence & divergence (MACD) and the relative strength index (RSI) does not have any bullish trendlines showing a potential breakout to the positive side yet. In addition, the moving average convergence/divergence appears to be neutral while the relative strength index is bearish.

On the medium-term view, the 200-day moving average line is about what the digital currency is presently trading for. This appears to be a very bearish sign. Also, the formation of a shoulder and head pattern shows more signs of further bearish lapses. The MACD and RSI are in the bearish zone and they are calling on sellers to double on their transactions. In addition, the relative strength index is showing more signs of further dips on the lower level in the 24-hour time frame.

Will Cardano Price Recover? When Will Cardano Bullish Trends Return? – Cryptocurrency Market Update

Cardano (ADA) was recently holding the 10th position on the list of top cryptos in the market. The significant plunge in the price of the digital currency has pushed it to the 13th position it is currently holding. Stellar Lumens (XLM) is currently holding its position. The digital currency market currently and it is pretty difficult to predict the next step forward. However, traders are optimistic that ADA USD price will recover in the short-term.

At the press time, the price of Cardano (ADA) is supported at the $0.0500 mark. On the upside, the immediate resistance of the coin is at the $0.0600 mark.

Cardano (ADA) Price Today – ADA / USD

Name Price
cardano
Cardano
$0.047-0.33%

Cardano (ADA) is currently valued in the market at $0.05344 after a decrease of about five percent over the past twenty-four hours. The current market cap of the digital currency is $1.39 billion. The trading volume of the digital currency over the past twenty-four hours is $45.50 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.