- Cardano (ADA) has extended the downside correction after strong growth.
- The critical support is created by the psychological $0.1000.
Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours. The coin takes the seventh place in the global cryptocurrency market with the capitalization of $2.9 billion and an average daily trading volume of $535 million.
ADA/USD: Technical picture
On the intraday charts, ADA/USD is moving along the sloping lower line of 1-hour Bollinger Band. The local support is created by a psychological $0.1100. Once it is cleared, the sell-off may be extended towards $0.1060 (1-hour SMA200). and $0.1000. As we have previously reported, this area may be a key for ADA in the short run, however, if it gives way, the sell-off may be extended towards the 50-day SMA at $0.0800.
On the upside, a sustainable move above $0.1230 is needed for the recovery to gain traction. This resistance area is reinforced by 1-hour SMA50 and followed by $0.1200.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.