Can Cardano (ADA) Break Out Of The Bearish Cycle Soon?

The digital currency market is still yet to recover from the major downward correction yesterday. All the top cryptos in the market are still deep in the red. Some of them have even plunged lower compared to their values yesterday. The price of Bitcoin (BTC) is currently below the $10k level, with its major resistance at the $10k mark. A lot of digital currencies are affected in the ongoing massive plunge. One digital currency that is heavily affected is Cardano (ADA).

Cardano (ADA) is currently down to the 13th position on the list of top digital currencies in the market according to CoinMarketCap. However, the damages on Cardano (ADA) has reduced over the past day. Nevertheless, the digital currency is still showing some signs of bearish movements in the short-term.

Cardano (ADA) Price Analysis – Best Cryptocurrency to Invest in 2019 – Cryptocurrency Market Update

The price of Cardano (ADA) is currently experiencing a landslide; a bearish outlook that could further push the price of the digital currency lower. The four-chart of the digital currency is showing that ADA price is beneath all technical indicators in the near term analysis. Cardano is currently in a triangle pattern, after breaking out of that level, the digital currency is still likely to plunge lower.

The relative strength index of the coin, as well as its moving average convergence & divergence, have no other place to go than south. The price of Cardano (ADA) is not looking in shape. The indicators of the coin are signaling that there is no bullish breakout in sight and chances are the price of the digital currency might continue to plunge.

At the press time, Cardano (ADA) just broke below the $0.046 level. The immediate support of the digital currency is now at the $0.045 mark. On the upside, Cardano (ADA) is facing strong resistance at the $0.046 and $0.0465 levels.

The medium-term outlook of the coin is also not looking good. The medium-term analysis of the coin shows that ADA price will encounter more bearish patterns. This is the weakest the digital currency has been since March this year. The moving average convergence & divergence, as well as the relative strength index, on the medium-term are not showing any clear sign regarding where Cardano (ADA) is headed.

Can Cardano (ADA) Break Out of This Cycle Soon? – Best Cryptocurrency to Invest in 2019 – Cryptocurrency News Today – Cryptocurrency Market Update

Cardano is a very promising project and the digital currency – ADA – has won the heart of many digital asset investors. The project also has a lot of supporters and large community. Cardano is also known for not lacking behind when it comes to developments and updates. Cardano has a lot of developments around it that could potentially push the price of the digital currency higher. However, at the moment, the digital currency needs enough bullish traction to pull it out of this cycle.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.039-4.57%

At the time of writing, the price of Cardano (ADA) is $0.0451 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $1.17 billion. The trading volume of the digital currency over the past twenty-four hours is $46 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.

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