Cardano ADA price: Falls by 2.4%

Cardano ADA price lost its momentum by over 2.4 percent as it fell down a downward sloping path it has been trailing for the past three weeks.

By touching the $0.040 mark, Cardano has established a new low after three whole weeks.  In doing so, it has marked the conquered market by the bears. The volatility seems to be apparent with major cryptocurrencies hanging by a thread. These major altcoins include the majority of the top 10 currencies, e.g., Bitcoin, Binance, Ethereum, Ripple, and Litecoin, to name a few. Other altcoins such as Dash, EOS, and Dogecoin have also followed a similar trend downwards.

Cardano ADA Price Analysis – 20th November (ADA/USD)

Cardano ADA Price Chart by Trading View

As shown above, the Cardano price fell over a support zone during the morning around 10:56 GMT only to rise to $0.0417 at 18:08 GMT. This was followed by a fall to the lowest recorded value of the day, i.e. $0.0404, which was attained at 19:28 GMT. As the trend progressed to the day’s end, the price was seen moving up and down to close at the value of $0.0409 finally. 

Technical Indicators

Cardano ADA Price Chart by Trading View

The graph above showcases the bearish trend, which the price is seen to follow. The selling volumes have increased vastly, and the coin is shown moving below the moving averages. This proves that ADA had little to no support from these moving averages. These indications are resultant of the currency being in a ‘strong selling area’ and the market volatility, as mentioned above.

The Relative Strength Index (RSI) closed at 56.21, which shows that the bulls and bears were unable to come to an agreement. However, since the close followed steep drops on 21st, it is clear the bears were triumphant. The immediate support for the 20th was calculated to be $0.039, while the immediate resistance was notably $0.041.

Featured Image Background by Patrick Fore