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Cardano’s Price Analysis: ADA Bears Overpowering Bulls

  • The price of Cardano declined by -3.23% today and is trading at $0.037975 against the United States dollar.
  • The RSI index indicated a Neutral signal and the MACD showing the Buy Signal as per the 4-hour chart.
  • There is an immediate support level at a value of  $0.037372.
  • Support areas are found at $0.036551, $0.035072 and $0.034633.
  • Resistance areas are found at $0.039753, $0.039977, and $0.041485.

Cardano is experiencing the bearish pressure on its value. Yesterday the technical analysis of ADA comes out bearish, in spite of its little increase in price. The technical indicators were showing bearish power over the currency and it was in the selling region. Today’s technical analysis of Cardano.

Current Status of Cardano (ADA): Currently, the currency is trading at a value of $0.037975 and its value is decreasing by 3.23%. The value of the ADA against Bitcoin is at 0.00000461 BTC and its value is decreasing by 2.06%. The market capitalization of the Cardano is $999,836,109 and the 24-hour volume of the currency is $45,727,156. The circulating supply of the currency is 25,927,070,538 ADA and the ROI of the currency is 77.89%.

Yesterday also, the currency was trading around the range of $0.038765 and the market cap of the currency is $1,005,070,222. The ROI of the currency is also decreased today as it was around 78.82% yesterday. The last week, Cardano also experience the bearish correction in its value. On the previous Monday, 23rd September the currency was trading at the value of $0.048098 at 11:44 UTC. The correction started from Tuesday and on Wednesday the bears’ become unstoppable and the value reaches up to $0.037962.

On Thursday the value went further down towards $0.036621 and from Friday to Sunday, the currency hovers between the range of $0.036 to $0.039. Clearly, the currency has been through a lot of ups and downs.

Technical Analysis and Price Analysis of Cardano: 

4-hour chart Analysis: In the 4-hour chart frame the of the pair ADA/USD, the oscillators are showing buy and oppositely the moving averages of the currency is showing sell signals. The RSI value is 48.60 and it remains neutral in the 4-hour chart, but MACD is showing the green signal of buy. The EMA of 10-day is showing sell, but SMA of 10-day is showing buy and the EMA and SMA of 20-day are showing buy signal. On the other hand, the EMA and SMA of the 50-say and 100-day are both showing the red signal of sell.

Daily Chart Analysis: On the other hand, the 1-day chart of the Cardano is showing a bit different picture, as the oscillators and moving averages both are showing sell and strong sell signals. The RSI is again neutral here and the value of RSI is 36.22, but the MACD indicator is in the red zone and the sell signal. The EMA and SMA of 10-day, 20-day, and 50-day are also showing the red signal of sell.

The Fibonacci retracement from 4 weeks is around $0.042845 low and $0.047648 high, which means the bears have the upper hand. The main support levels of the pair ADA/USD are $0.036551, $0.035072 and $0.034633. There is an immediate support level at a value of  $0.038372. On the other hand, the major resistance levels are of the pair are $0.039753, $0.039977, and $0.041485.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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