With the effects of the market volatility still active but slowly subsiding, Cardano ADA price took a turn downwards to fall to the $0.034 support area. However, this allowed for the price to rise to $0.038 as the day slowly began to near its end.
Cardano ADA Price Analysis – 22nd November (ADA/USD)
As indicated on the chart featured above, Cardano consolidated gains both above and below its stipulated baseline of $0.0378. It began trading smoothly early as the day started from its opening price of $0.038. After dropping to $0.036 at 07:03 GMT, it surged to attain the highest value of the day at $0.039 an hour later.
Following on from this surge, the price fell to its lowest value of $0.034 at 14:06 GMT. This was then followed by a steep turn upwards around 14:35 GMT whereby the price had now recovered from its lows. The coin ultimately closed at $0.037.
As shown by the full-featured chart above, the movement was relatively equally distributed around the day’s average. This, thereby, formed an S-shaped curve around the value. Furthermore, the price seemed to turn upwards as it neared its close, and at the time of writing, the coin is up by 2.19 percent.
The price fell below the moving averages as it neared the support areas, but managed to rise above the moving averages as it moved into the 23rd and as the day began. The 50-Day Simple Moving Average (SMA) closed at $0.035, whereas the 20-Day Exponential Moving Average (EMA) closed at $0.036.
Featured Image Background by John Westrock