Cardano Price Analysis: ADA Price Continue to Decline, Bulls Near to hit Resistance

Cardano (ADA) price is trading higher from the latest 52-week low.
The Correlation Coefficient indicator along with Bitcoin continues to decline.
Trading volume fell 22% last night to reach below $700 million.

Because Bitcoin’s trading range is set between $18K and $22K, most altcoins are in a sideways downtrend. Cardano is dragging the altcoin market’s current providing increased. Ethereum (ETH), Solana (SOL), and XRP, on the other hand, have been moving steadily upwards over the last two days. Bulls have recently taken a deep breath as the price has remained above the 60-day lows.

Despite an uptrend in most altcoins, the ADA coin is trading below the downsloping trendline (bottom of the chart), while the USDT pair is currently trading at $0.435 per coin. During the downtrend, the altcoin price returned to its 90-day level twice before a slight price correction.

Cardano coin is still looking for a sideways swing trend. However, the weekly price candle shows a hammer candle where the price is down 6% this week. Meanwhile, the market cap is down 1.7% to $14.6 billion, according to data from CMC over the past 24 hours.

For the past 4 days, trading volume has increased and ADA coin has displayed above average buying. Furthermore, trading volume fell by 22% last night to reach below $700 million. Hence buyers look stronger against the bears near the important support area.

The correlation coefficient indicator with bitcoin continues to drop by 0.49 points. But the price of ADA is still following the BTC trend today.

Moving Average are Above the ADA Price

In terms of the daily price graph, the 20-day moving average (white) was the most recent resistance level for ADA bulls. Similarly, the remaining DMAs like 50 and 100 are well above the current price of ADA.

Stoch RSI has fallen into the oversold zone. Now it is moving towards a higher zone on the daily price chart.

Conclusion

Cardano (ADA) price remains weak as it traded below the 20-day EMA. However, the Stoch RSI indicator is trending slightly bullish if buyers break the recent bullish barrier.

Support level – $0.4 and $0.30

Resistance level – $0.7 and $1.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing