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Cardano price analysis: ADA tries to stay above $0.42 while the bears pull hard

Cardano price analysis ADA tries to stay above 0.42 while the bears pull hard

Cardano price rose above the twenty (20) day exponential moving average (EMA) but the traders were not able to keep it there till closing time on September 10.

At the time of writing, Cardano trades at 0.44800 dollars. The price for ADA has reduced 0.09 % in twenty-four (24) hours which was likely to happen since it had been on a decline after the failed attempt at sustaining the price at the twenty (20) EMA. The twenty-four (24) hour volume for ADA is keyed in at seventy-five million dollars ($75,694,950) while the market cap for ADA is valued at one billion dollars ($1,394,951,092).

Cardano price analysis: ADA tries to stay above $0.42 while the bears pull hard 1

Cardano price chart  by TradingView

Cardano price is under the bears’ spell

It would be best not to go shopping for Cardano in the meantime as a rebound has now ensued. This will be taking Cardano price to the lower bounds of the graph. Bearish movement will assume control of ADA once the bears propel it below the 0.0433229 dollars support mark.

From there, the bears can drive Cardano price into a downward spiral below the 0.04 region without hesitation as no major obstacle stands in their way. The next spot that offers the bears some trouble will be at 0.0357780 dollars, which is a major support mark and waiting to be retested for quite some time.

On the top side, we have the twenty (20) day EMA hovering as the first resistance that ADA will face. After the twenty (20) day EMA is crossed, the ADA/USD pair can look forward to resistance from the fifty (50) day simple moving average (SMA) which will also be causing a hindrance for the bulls. The fifty (50) day EMA will play out as a major resistance mark for ADA.

The relative strength index (RSI) runs smoother than before and has a bullish touch to it. It currently sits at thirty-nine (39.96) but buying is not recommended unless the price runs past the twenty (20) day moving average.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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