Cardano ADA price takes short bull run to $0.038

Cardano ADA price saw a sigh of relief for the first time in the past five days when the trend finally turned bullish, however, brief. Cardano ADA price currently stands at the $0.038 mark after hitting the lowest point.

Cardano ADA is struggling to find its spot back in the top ten cryptocurrencies and with a current standing at number thirteen. ADA has a market capitalization of almost nine hundred and ninety million dollars ($989.98M). It appears that Cardano ADA’s price trend is also following the major cryptocurrencies like Ethereum on a bearish stroll.

Cardano ADA price chart USD 16 october 2019Cardano ADA price chart by Trading View

ADA price went as high up as to $0.042 on the 14th of October and traded in $0.04 range until today. In the past twenty-four hours, the ADA price went as far down as to $0.0376 mark.

The current support level is found at the same mark after the $0.0380 mark, while ADA price is facing resistance at the $0.0385 mark.

Cardano ADA price movement against Bitcoin (BTC)

On the other hand, Cardano appears to be at the bottom of the list of altcoins. As per the short-term chart, the cryptocurrency’s price has gone below the two hundred Exponential Moving Average (EMA) support line.

cardano ada price chart btc 16 october 2019Cardano ADA price chart by Trading View

The bottom resistance level of Ichimoku’s cloud has rejected ADA’s price, dropping it below the fifty Exponential Moving Average (EMA) support line.

This indicates a bearish trend that is currently forming on the ADA/BTC trading pair.