On the first day of 2020, most of the coins, along with Cardano, registered moderate momentum. However, with a 2.32% increment over the last 24 hours, ADA coin has touched 0.033 USD after a significant gap.
ADA Eyes Resistance Amid Weak Investor Sentiment
ADA started the year at 0.032576 USD when it started the upside movement. By 07:25 UTC, the currency could lock the price at 0.033158 USD. It was followed by another stint of upsurge to the extent of 2.55% that pushed the Cardano price to 0.033720 USD by 15:05 UTC. This was the ace moment for the coin throughout the day. However, ADA coin seems helpless at this high and started drowning by low investors’ confidence. Over the next 10 hours, it went on losing 0.000432 USD as Cardano witnessed a 1.28% price drop.
However, the market cap seems to have unscathed by the current market trend. Over the last 24 hours, it has fallen to 865.804 million USD from 867.464 million USD.
Cardano’s current value has given a good lead over its 20 days MA (0.03333119 USD). However, it is still lagging behind its 50 days MA (0.03333389 USD) by a good margin. ADA’s next few days may see a continuation of this price trend. However, as per Cardano price forecast, this bullish period has no sold backing, and it is likely to be corrected anytime soon.
| Cardano (ADA) | Resistance & Support Levels |
| 1st Resistance | $0.033946 |
| 2nd Resistance | $0.034434 |
| 3rd Resistance | $0.035055 |
| 1st Support | $0.032837 |
| 2nd Support | $0.032216 |
| 3rd Support | $0.031728 |
