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Cardano ADA price remains below the baseline of $0.0425

cardano ada price analysis nov 8

The Cardano ADA price, following up from the 7th, remains trading beneath the baseline. Indefinitely owed to the state of the crypto-market, Cardano has potentially fallen victim to the volatility of the entire market, thereby being unable to stand its ground above its stipulated baseline. 

1-Day Cardano ADA Price Chart (ADA/USD)

cardano ada price analysis graph 1

Cardano ADA Price Chart by Trading View

The aforementioned baseline rests at $0.0425, and after the initial momentum above it, the second half of the day, as displayed above, displayed this inclination beneath it. The lows fell over the support zone of $0.041 and even managed to reach its lowest at $0.0415 before gradually climbing to close at $0.0418. The Cardano price varied between $0.0436 and $0.0421, with a maximum of $0.0437.

Technical Indicators

cardano ada price analysis graph 2

Cardano ADA Price Chart by Trading View

The 8th of November had a market cap which varied between $1.13B and $1.09B, with a low of $1.08B and a high of $ 1.13B, coupled with a 7-day moving average of $1.09B. The trading volume differed between $60.54M and $69.21M, and a 7-day moving average of $65.23M.

The graph above also showcases how the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) followed an identical path down the decline before altering this pattern to close at $0.0415 and $0.0416 respectively.

The Relative Strength Index closed at 67.94, which could mean the bulls are planning on intervening. The momentum fortifies this possibility by moving upwards to close at +0.000127.

Featured Image by Flickr

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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