Cardano ADA Price: Declines by 7.68%

Cardano ADA Price Analysis Dec

Cardano ADA price fell over a bearish stake as it progressed from the 15th into the 16th of December to decline by 7.68 percent. 

Cardano ADA Price 1-Day Analysis – 16th December (ADA/USD)

Cardano ADA Price Analysis Dec 16 Chart 1

Cardano ADA Price Chart by Trading View

Cardano price underwent a bearish run as apparent on the chart provided above. After opening at the $0.0365 mark from the day prior, the price continually dropped in value. Initially, it was stable but nearing the end of the day it had fallen steeply.

The price initiated at $0.0365 and began moving within a tight-range up till 18:28 GMT. After this point, it fell down to the $0.0345 mark. It continued moving downwards and eventually fell to its support over the $0.0332 area. This allowed the price to surge slightly leading up to the next consecutive surge to $0.0349. The coin fell and closed at $0.0338. 

Technical Indicators

Cardano ADA Price Analysis Dec 16 Chart 2

Cardano ADA Price Chart by Trading View

As indicated by the full-featured chart above, the price of Cardano differed significantly from the moving averages. The sharp decline is clearly visible which shows the price indicated volatility once more. The 50-Day Simple Moving Average closed at $0.03414 and the 20-Day Exponential Moving Average closed at $0.03412. These differed by 1 percent and 0.94 percent consecutively.

The Relative Strength Index movement displays instances of oversold shares by falling below the 30-level for a prolonged period of time and again for a shorter period of time. These occurred from 18:28 GMT to 18:53 GMT and later 19:37 GMT to 19:53 GMT.

Featured Image Background by Dan Gold

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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