Cardano (ADA) Declines Leisurely as it Forms Narrow Trading Price Rangea

Cardano (ADA) Cardano (ADA)

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  • Cardano moves stably from almost a week now after having declined from $0.040
  • The current trading price of ADA coin is due to the downside breakout of the uptrend that it recently formed—observed while having a closer look at the price movement
  • The previous trading month remained moderately volatile
  • Cardano trades with selling pressure and loses support from the short-term MAs

ADA coin trades with bearish impact as it trades with stability and declining price channel. The decline is not rapid enough to justify it as a definite plunge. However, cumulatively, Cardano is resulting in a downtrend, losing important support levels.

Cardano Price Prediction

Analyzing the month-long movement of the pair ADA/USD on Kraken, we see that the coin was trading with volatility in the previous month as compared to the current month’s movement. The price of Cardano has been on a stable bearish run forming a narrow trading channel as it records the slow decline. From soaring at $0.0461—a 45-day high, it has hit the lowest of the same timeframe at $0.033. Later, it recorded a rise at $0.042, after which ADA price is on a continual downswing.

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The current trading price of Cardano, as observed, is below all the major moving averages i.e., 9-day, 49-day and 100-day, facing indefinite selling pressure.

This bearishness is rightly confirmed by the MACD line that is inclined to zero and has a bearish crossover as the signal line overpowers the MACD line.

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The RSI of the coin is at 35.39, showing no extremities at present, but holds an inclination towards the oversold region due to the slow decline that Cardano is facing.