The 10th largest cryptocurrency by market capitalization Cardano ADA went through a three-day bear run that although brought it down to $0.08 from the monthly high point of $0.9425.
On the other hand, the volatility in the cryptocurrency market is getting one currency at a time since, in the recent few days, almost all major currencies have fluctuated with Bitcoin prices.
The ADA was trading effectively on the price chart on May 16 and 17 at above $0.094256, but it was not able to maintain its good performance and therefore didn’t close well.
The price analysis of ADA/USD indicates that the pair is struggling to find some good support level as the support is crucial for trading above $0.094526.
The target objective has been set at $0.16125, and this will be possible only if the pair remains constant in its performance and does not show volatility and abrupt fluctuations.
If the support level would not be able to hold well, it can drop down to $0.57898, which will be considered as a negative momentum and bearish for the pair.
On the four hours chart, the currency is holding strong right now with the upper resistance on the Fibonacci is $0.088 and the lower resistance level is found at the $0.077 mark.
However, the ADA price is currently trending to be in the under-sold zone on the Stoch RSI with a score of -7.89. This can cause the bear trend to slow down since the current bulls started with the rise on Stoch RSI and it went as high up as 100.
On the other hand, the MCAD analysis reveals that the upper and lower support lies at $0.088 and $0.084 marks. If the currency can come out of the underselling zone it can hold the bear to a new high.