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- Cardano is facing significant pricing corrections after going below the mark of $0.06.
- It is facing an overall loss of -13.56% in today’s market and is predicted to go below $0.050.
The bullish momentum built by Cardano from the starting of the month has been put on hold by ADA bears. After reaching the critical resistance area of $0.070, ADA has been facing major pricing corrections for the past few days.
But the decline below $0.060 has proved to be more damaging to ADA as it in a straight position to decline below $0.050 level also. A decline below $0.050 level will just open doors to more losses for the altcoin.
Today, it started with the price range of $0.054 in the hope of crossing the safe support level of $0.060 but the market witnessed something that was completely opposite. Cardano is facing a loss of -13.56% bringing the current price to $0.050.
The market capitalization is of $1,310,551,007 and the 24H volume traded is of $62,788,291. It can be said that the increase in selling volume has resulted in a significant downfall.
In order to have a fresh start, the altcoin needs to break the major resistance level of $0.0580. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
The technical chart reflects on the bullish momentum gained by the altcoin from the starting of the month which is followed by the ongoing downtrend.
The technical oscillators suggest that the ADA bears are here to stay. RSI has reached an oversold region for the first time this month and is reaching to the low level of 20.
CCI is making attempts to reach the positive territory but the overselling volume is pushing it down.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. The levels are also down trending in the bearish zone.
Resistance Level: $0.0560 and $0.0580
Support Level: $0.0470 and $0.0440
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
