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Cardano ADA Price: Declines by another 6.4%

Cardano ADA Price Analysis Dec

Continuing from the day prior, the Cardano ADA price remained to move on a bearish pathway, which resulted in a further decline in the value of the cryptocurrency.  

Cardano ADA Price 1-Day Analysis – 17th December (ADA/USD)

Cardano ADA Price Analysis Dec 17 Chart 1

Cardano ADA Price Chart by Trading View

Cardano price fell bearish over the 17th of December as it progressed from the decline of the previous day. The price underwent severe blows at the hand of the bears and fell through two steep gradients. Thus, the drop occurred twice in one day.

The price initiated its run at the $0.0338 mark, after which it traveled through a small range for a short period. The coin fell to its support at $0.0327, which aided the currency in maintaining its movement. However, this was short-lived as near 20:19 GMT, just as the day was nearing its close, the price fell bearish once more and continued on this bearish path. The cryptocurrency eventually closed at the $0.0317, having declined by 6.4 percent. 

Technical Indicators

Cardano ADA Price Analysis Dec 17 Chart 2

Cardano ADA Price Chart by Trading View

As displayed on the full-featured chart above, the Cardano price deviated from its moving averages to a large extent. The differences in graphs and values are visible. The 50-Day Simple Moving Average closed at $0.0322, whereas the 20-Day Exponential Moving Average closed at $0.03174. Each was higher than the price by 1.5 and 0.03 percent, respectively.

The shares were oversold at two significant instances where the coin fell below the 30-mark, which proves the bearish nature of the progression- or in this case, the regressionThe Relative Strength Index (RSI) closed at 45.56. 

Featured Image Background by  Wallace Bentt

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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