- Cardano, at the time of writing this analysis, was experiencing a steep fall as it was trading at $0.066742
- The inverse red candlestick is hitting through the lower 20-day Bollinger Band and holds immediate support from 50-day daily MA followed by 200-day daily MA
- Having hit an intraday high and 90-day high at $0.0723, ADA/USD is facing a pullback below $0.070, at present
- The intraday correction is testing supports around $0.066, and a further dip can lead to retest lows at $0.064 and $0.060
Cardano coin experiences a push as it exhibits a notable rise since yesterday, and on the other hand, today there is a steep dip below $0.070. Other than this, BTC, ETH, and XRP are also facing a strong pullback as they slide down towards the immediate support.
Cardano Price Analysis
Analyzing the 8-hourly ADA/USD movement on Kraken, we see that the coin has already recovered from the anguished fall of the previous year. The price trend of Cardano has been on a constant rise since the start of the year 2020. The downward channel reverses as the coin gains the required momentum.
Taking an emphasized view of the hourly movement of ADA against US Dollar exhibits the steep fall after a notable height attained at $0.0723. The 20-day Bollinger Bands laid show moderate width and are likely to face slight volatility in the upcoming days as the price trend breaks through the lower BB.
The MACD of Cardano is having a bearish divergence as the signal line cuts the MACD line, and the same is getting lured towards zero due to a steep yet considerable fall.
The RSI of ADA is at 43.67 and is seen sliding from the overbought region.