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- Cardano price is recorded at a 52-week low of $0.3490 on 13 October 2022.
- Despite the decline in price, the weekly MFI rose above the semi-line.
- Cardano price remains in the green today while it was trading at the $0.381 level.
The Cardano investors are still looking active this week. This week is not looking good for buyers. Eventually, buyers failed to keep ADA price under range, thus witnessing the latest 52-week low of $0.3490 on 13 October 2022. Selling has not stopped, bears want more price drop.
At the time of publication of the article, Cardano price is trading at $0.3822 against the USDT pair. However, later in intraday trading at weekly lows, the price is showing green color. The reversal of the trend is not credible, the price is likely to see a decline unless the bears retest the next support area at $0.30.
Cardano on Weekly Price Chart
Just a few days before, Cardano price was consolidating under the wide horizontal range of $0.41 to $0.60 support to resistance. Before losing the $0.40 key round level, buyers reversed downtrend more than six times. Later on, this round level flipped into immediate resistance.
Despite price fall, the weekly MFI increased higher above the semi-line (50 level) on weekly time frame. Weekly MFI is headed towards a higher zone against the ongoing trend. Do buyers react to this bullish sign? Let’s see the daily price chart.
During the last trading session, the daily price candle formed the hammer candle. This could be the reason behind today’s price gain. Thus, the Cardano price belonging to the Bitcoin pair is in the green zone by 2.41% at 0.00001944 satoshis. Notably, trading volume increased 31.6% in the last 24 hours.
In the context of daily price scale, Cardano price observes below the all significant moving average like 20,50,100 and 200. Furthermore, MFI is about to reach an extreme oversold zone.
Conclusion
The Cardano price is bullish today after two weeks of continued sell-off. Although Daily MFI is Still negative in the oversold zone, in contrast, Weekly MFI continues increasing above the semi-line (50 mark).
Support level – $0.3 and $0.10
Resistance level – $0.4 and $0.6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
