Just when everyone thought the cryptocurrency market was recovering from the extended bearish wave and that the bulls are finally gaining ground in the market, the bears showed up with full force. The price of Cardano (ADA) went up by 22% before it started declining rapidly against the USD. According to the technical charts, ADA is trying gather momentum to break the sideways trend. The 20-period EMA settled at $0.086 this morning and acted as resistance against more decline. Candles have been bouncing off this region since then.
Cardano (ADA) Price Today – ADA / USD
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The stochastic oscillator is currently below the 40 level to show that ADA is trading in the oversold region. It is also a possible bearish sign. From the one hour chart, the significant trend lines are $0.091, $0.992, $0.083, $0.0888. These trend lines are approaching a potential breakout. The parabolic SAR is bearish showing that there is strength in the downtrend. The relative strength index period 20 is moving from acting as support to being resistance. The price keeps bouncing of this level over and over again. There might be a bearish breakout soon which is indicated by the channel being formed by $0.084, $0.092, $0.074, $0.086.
The 20-day MA is currently resting at $0.076 providing support against the upcoming bearish run. The trend lines at $0.091 and $0.181 have formed resistance. This represents the downtrend that manifested in July. The MACD on the hourly chart is in the bearish territory.
Cardano Price Analysis Now
At the time of writing, Cardano (ADA) was trading at $0.076901. This indicates a 9.61% fall against the USD and a 6.48% against Bitcoin. The trading volume within a 24 hour period is $90,054,531 while the total market capitalization is $1,993,811,632. This is according to the data on CoinMarketCapital. The next few days of trading will determine if the price action will change or not. The bulls may take back control or the bears may keep dominating the market.