Cardano price had been trading with extreme volatility in the region bound by 0.047611 on the lower end and 0.049561 dollars on the top side.
ADA had been following a downtrend and the 0.047350 dollars support mark that had previously acted as resistance has been broken. Cardano trades at 0.045693 dollars in the market at the time of writing. The market capital for Cardano is valued at one billion dollars ($1,423,842,411) while the twenty-four (24) hour trading volume for Cardano sums up to be one hundred and six million dollars ($106,608,463).
Cardano price might not surge
One speculation was that the Cardano price might surge back up to 0.0560221 dollars resistance once the 0.047350 dollars support was reached. Once there, ADA could have made its way to the new resistance mark located at 0.0652290 dollars, with a little bit of luck and the bulls’ support. The price has chosen to be on the other side of the tracks and has moved to the lower side of the graph.
Furthermore, we have the 0.043329 dollars support below for the bears to test the price against. This is an important mark for ADA as it has held strong against bearish invaders quite many times.
As for resistances, the fifty (50) day simple moving average (SMA) at 0.0485 dollars and the twenty (20) day exponential moving average (EMA) at 0.0486971 dollars stand in the bulls’ way as hindrances as well as the 0.047611 dollars mark.
The relative strength index (RSI) is running bearish in the long run. The one (1) day chart also shows no bullish momentum, although the five (5) day chart looks promising with the RSI numbers moving close to ninety-five (95). This, however, isn’t any relief for the bulls as the price will remain bullish in the long term.
Cardano might leep up with the downtrend and fall a bit more before coming up. Our best bet is the 0.043 dollars mark but that support mark is for the ones in it for the long run.