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Cardano Price Analysis: ADA/USD continues to trend in a narrow $0.011–range

  • ADA/USD bears took charge after two bullish days.
  • Cardano has been trending horizontally for the last six days.
  • The RSI indicator is still trending around the edge of the overbought zone.
Cardano Price Analysis: ADA/USD continues to trend in a narrow $0.011–range
Rajarshi MitraRajarshi MitraIndependent Analyst

ADA/USD daily chart

ADA/USD daily chart

ADA/USD bears took charge of the market following two bullish days and took the price down from $0.1273 to $0.1243. Initially, the bulls managed to take the price up to $0.136, before the bears took charge. The MACD shows decreasing bullish momentum, while the RSI is trending along the edge of the overbought zone. The price has been trending horizontally in a narrow $0.11-range between $0.129 to $0.118 for the last six days.

Support and Resistance

ADA/USD has strong resistance at $0.129. On the downside, healthy support lies at $0.118, $0.101 (SMA 20), $0.0987 and $0.0867 (SMA 50).
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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