- Cardano is seen experiencing a notable fall as it currently trades at $0.0586 and holds a bearish divergence
- The coin is on a continual downswing over the past 8 days, after recording fresh weekly high at $0.0720
- The current trading price of ADA fails to retain support from the 50-day and 200-day daily MA
- ADA/USD price is likely to fall as per the current momentum and downtrend projected for the upcoming days
- Although, a lack of steady momentum and support has not led the coin to form consistent lower lows, holding possibilities of an uptrend as well
Cardano exhibits a nosediving trend after recording a weekly high at $0.072. However, the king of cryptos—BTC is also seen trading below $10,000 for the 6th day in the row, with a temporary positive breakthrough in the past 24 hours.
Cardano Price Analysis:
Taking a glance at 2-hourly ADA/USD price movement on Kraken, we see that the coin is on a continual downswing after the weekly high. This has led Cardano price to gradually loose support from the 50-day and 200-day daily MA. The current market volatility has led the coin to consolidate below the notable resistance at $0.060. Over the past 6 days, the price of ADA has been accumulating within the trading of $0.064 and $0.060.
Moreover, the intraday trading has turned out to be red for many altcoins and BTC. Therefore, the technical indicators are throwing a glimpse of probable bullish crossover before the closing bell of the day.
The MACD of Cardano coin is likely to rise from the current bearish crossover as the MACD line is expected to cross above the signal line.
The RSI of the coin is at 48.90 and is seen rising from the oversold region marked at 30.