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- Cardano is facing significant pricing corrections after going below the mark of $0.055
- It is facing an overall gain of 2.00% in today’s market and showing the possibility to break below $0.050.
The bullish momentum built by Cardano from consecutive days is now getting stopped as ADA broke below the price level of $0.050. After reaching the resistance area of $0.058, ADA price has been facing major pricing corrections for the past few days. But the decline below $0.055 has proved to be more damaging to ADA. However, the overall bullish market conditions can bring the cryptoasset into a major bullish run by crossing the safe spot of $0.055.
Today, it started with the price range of $0.055 in the hope of crossing the safe support level of $0.057 and made an unsustainable attempt. Cardano is facing a loss of 2.00% bringing the current price to $0.053. The market capitalization is of $1,388,551,007 and the 24H volume traded is of $98,788,291. In order to have a fresh start, the altcoin needs to break the major resistance level of $0.058. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
Cardano (ADA) Price Analysis
The technical chart reflects on the sustainable momentum gained by the altcoin from the starting of the month which is followed by an ongoing downtrend in the market. ADA must sustain above the price level of $0.50 to avoid any significant price damage further.
But the technical oscillators suggest that the ADA bears are here to stay.
RSI had a negative divergence and currently is at the bearish level of 30.
CCI is also in the oversold territory and touching the depth of the region.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. However, the levels are trying to maintain sustainability in the bullish zone.
Resistance Level: $0.058
Support Level: $0.050 and $0.048
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.
