- Cardano, at the time of writing this article, was seen consolidating around $0.0591 and is awaiting a “golden crossover” as the 100-day MA will cross above 200-day MA
- The MACD appears bearish as the price of ADA has slid from $0.0726 and currently trades with regression of over 18%
- The 50-day MA also remains above the 200-day MA giving total support and does not exhibit any unpredictable volatility in the near-term
Cardano price corrects below major supports, and currently, it is trading below $0.060 support area. Simultaneously, Bitcoin continues to trade below $10,000 for the 2nd day in the row, yet ADA coin shows a considerable fall.
Cardano Price Analysis
Analyzing the daily ADA/USD movement on Kraken, we see that the currency is experiencing a notable pullback after having bullish divergence for 6-weeks straight. Thereby, Cardano gained lost support from the imminent moving averages and still retains it. The current ADA price fall appears to be happening slowly and relaxingly due to the “golden crossover” that awaits and is anticipated to happen before the weekend. The constant support kept the coin away from the expanding market volatility.
Alongside, the other technical indicators laid exhibit bearish divergence as the price of Cardano has slid below $0.060 trading zone, and therefore, the signal line crosses above the MACD line.
Similarly, the RSI of the ADA coin is at 52.20 and has slid below the overbought region due to intraday corrections.