Cardano (ADA) Breaches its 1st Support; Bearish Spell Likely to Continue

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Cardano News Today:

Cardano seems to have shocked the market with its adamant position. When most of the coins are trading moderately well, ADA’s struggle is continuing. Over the last 24 hours, it has drowned by 2.60% and comfortably breached its first support level. However, the market perception is still going well for ADA coin as it has managed to pull a hike off on the market cap front.

Cardano Price Analysis:

Cardano initiated the day with a huge drop of 7.43% that took the price to 0.0315 USD from 0.0341 USD. However, a small recovery helped ADA coin to rise from this lower range. With a 5.54% gain, Cardano pumped its price to 0.033319 USD by 15:24 UTC. The next few hours were full of unprecedented fluctuations. However, between 16:43 and 02:05 UTC, it managed to hold the line and added 1.72% to get placed at 0.033337 USD.

As mentioned earlier, the market cap of Cardano seems unscathed. Between December 27 and today, the market cap has climbed to 864.417 million USD from 858.176 million USD.

Cardano currently holds its price at 0.03321 USD. It’s 50 days MA is at 0.03324 USD and the 20 days MA is little above at 0.03326 USD. The current price trend has a huge gap to catch up. The struggle may stay there for some more days. The year-end may not see any significant addition. However, it still holds the potential to fit itself into the next resistance of 0.034276 USD with no confirmed time frame.