Cardano ADA price declined sharply as a bearish momentum hit the price’s nail on the head, which resulted in a fall of value. After opening at a much higher price, the regression over the day is apparent.
Cardano ADA Price Analysis – 9th December (ADA/USD)
Cardano price opened at the $0.0386 mark and continued to move upwards as it initially began. This movement was not significant, and the price majorly hovered near the opening price. However, after dipping to the $0.0381 mark at 07:07 GMT, the currency traced an alternating path which ultimately led to its final regression.
There was a surge at 12:31 GMT to $0.0387 (the highest for the day) after which the coin managed to lead a steep and declining path downwards to close at the $0.0375 mark eventually.
As highlighted by the full-featured chart above, the Cardano price varied significantly from the moving averages. This aims to prove the volatility in price and the inability for the price to attain any stability over the short term.
As the day came to a close, the 50-Day Simple Moving Average (SMA) rested at $0.03828, which was 2 percent higher than the closing price. On the other hand, the 20-Day Exponential Moving Average (EMA) closed at 0.03824, which was 1.9 percent higher than the closing price.
Currently, the Relative Strength Index (RSI) rests at 26.28, which proves the oversold and undervalued nature of the cryptocurrency. The bulk volume leans at $16.309K.
Featured Image Background by Levi Guzman