Cardano ADA price analysis: the struggle persists

cardano ada price 3

Cardano ADA price seems to be undergoing acute resistance close to the $0.0445 and $0.045 mark. The recent surge was close to $0.0445, but it is now declining.

In the past few days, Cardano ADA price chiefly garnered velocity after tracing the $0.04120 support against the US Dollar. The ADA/USD duo soared higher and exceeded the $0.0425 and $0.044 resistance marks.  Furthermore, the value established itself beyond the $0.0425 point and the 55-day Simple Moving Average (SMA).

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

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Cardano ADA Price Chart by Trading View

Cardano exchanged beneath the $0.044 level, alongside the 23.6 percent Fib. Retracement level of the uphill transit of the $0.0411 fall to the $0.0445 rise. Immediate support lies close to the $0.0420 mark. 

The primary area of support is close to the $0.0425 (previously the resistance area). It also corresponds to the 61.8 percent Fib retracement level of the uphill rise from the $0.0411 value to the $0.0445 value.

In case of movement beneath the $0.0425 support, Cardano price could dip further, pushing the value into a bearish zone near $0.0370.

Against the upside, the principal impediments are close to the $0.0445 and $0.0450 level. In case of a prosperous termination above $0.0450, the value could recommence the rise to the $0.0465 and $0.0480 resistance area(s).

Technical Indicators

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Cardano ADA Price Chart by Trading View

The Moving Average Convergence Divergence (MACD) for the currency is dissipating momentum in the bullish territory.

The Relative Strength Index (RSI) for is dipping and is near the 50-mark.

The significant support levels are $0.0425 and $0.0405.

The significant resistance levels are $0.0445 and $0.0450.

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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