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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.

More from Rajarshi Mitra
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