- Cardano has witnessed a sharp price escalation overnight; However, the price couldn’t move beyond $0.031
The currency was trading with a sluggish nature for the last couple of days. Yesterday, just before the closing hour, the ADA coin started a strong uptrend. Initially, the coin saw resistance at $0.0302, and the following pullback ushered it to $0.029. Here, it found a support level to start a reliable price surge.
Cardano price went as high as $0.031, with a hike of 7.48% to face resistance. Last time, the coin was this high a week ago.
- ADA coin’s price has recently found a support level at $0.030 after it saw two consecutive pullbacks
Despite the pullback, Cardano coin’s first downward correction stopped above $0.0310. As the coin faced one more rejection at $0.0312, it started 2nd correction, and it took the ADA price as low as $0.030. The coin is still in the price range of $0.030.
- The coin has declined below the 38.20% fib level, and now the coin is looking for a support level to resume the surge
To sustain the bullish sentiment, ADA has to remain at least above the 50% fib level that is at $0.030. However, a few dips below the mentioned level have already occurred. It is to be noted that the Cardano price is slowly slipping below the 200-day EMA line, which notes that bears can creep over at any time. Also, the moving averages have just formed a bearish crossover.