Cardano (ADA) Price Analysis: ADA Price Avoids Further Downfall Below $0.030 Mark

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Cardano is facing a significant downfall in the market and is now getting vulnerable to break below $0.030 again. 
  • It is facing an overall loss of -1.67% in today’s market and is predicted to sustain $0.030 

Capture
Source: Coinmarketcap

The bullish momentum built by Cardano from consecutive days has been put on hold by ADA bears. After reaching the resistance area of $0.035, ADA has been facing major pricing corrections for the past few days. But the decline below $0.032 has proved to be more damaging to ADA as it in a straight position to decline below $0.030 level also. A decline below $0.030 level will just open doors to more losses for the altcoin.

Today, it started with the price range of $0.032 in the hope of crossing the safe support level of $0.034 and made an unstainable attempt. Cardano is facing a loss of -1.57% bringing the current price to $0.032. The market capitalization is of $854,551,007 and the 24H volume traded is of $70,788,291. It can be said that the increase in selling volume has resulted in a significant downfall.

To have a fresh start, the altcoin needs to break the major resistance level of $0.035. This will help ADA to cross the psychological mark of $0.040 and gain bullish momentum thereafter.

Screenshot (210)
Source: Tradingview

The technical chart reflects on the sustainable momentum gained by the altcoin from the starting of the month.

The technical oscillators suggest that the ADA bears are here to stay. RSI had a negative divergence but maintained sustainability to the neutral level of 45.

CCI is in 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 down to the bearish zone.

Resistance Level: $0.035

Support Level: $0.032 and $0.030

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