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Cardano Price Drops Twice Yearly, How Buyers Overcome Selling Pressure?

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ADA Price Analysis
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  • The price of Cardano (ADA) has hit yearly lows twice in the past few weeks.
  • On the 4-hours chart, the bears continue to hold Cardano price below the 20 and 50 SMAs.
  • On November 28, investors saw the lowest market cap of the month at $10.56 billion.

Due to the crypto market crisis, the price of Cardano (ADA) fell dramatically in November. Meanwhile, on November 28, investors observed the month’s poorest market cap of $10.56 billion. Due to the market’s gloomy mood, investors have been losing money on their investments up to this point.

ADA has hit annual lows twice in the last several weeks. This precipitous price decline has worn many cryptocurrency traders down in recent days. Moreover, the whole market valuation lost about $200 million throughout the decline. Despite a minor rebound in the crypto market, there is still insufficient buying power.

Against the USDT pair, Cardano cost fluctuates at $0.3095 mark under the press time. Price the structure shows bearish price range for crypto, hints more strong selling ahead. Cardano price belonging to the Bitcoin pair is looking neutral 0.0008235 satoshis. Recovery happens in Bitcoin but the ADA trend is still bearish. 

In the 4 hour chart, bears continue to hold Cardano Price below 20 and 50 SMAs. For the past several days, the 50 SMA stood to be a key selling point. The $0.30 zone acts like a crucial demand zone. 

Over the daily time frame, ADX constantly expands higher while sellers dominate ADA trends. Buyers need to wait until the market cools down. Thus RSI indicator seems neutral just above the oversold zone. In addition, the MACD indicator generated a bullish crossover this week. 

Conclusion

Cardano price together with USDT pair is remaining just above the annual bottom mark. Yesterday was the very intense for buyers while market cap hit monthly low.  Meanwhile RSI is suggesting sideways territory in ADA price. 

Support level – $0.30

Resistance level – $0.38 and $0.60

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.

Steve Anderrson
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