Cardano (ADA) is one of the most interesting tokens over the past few days mainly because of its continuous jumps and declines on a daily level. The earthward action trend from the past week indicates that the ADA price and token has found itself in the still trading region. Today’s Cardano price analysis, on the other hand, shows that bulls have been trading softly in expectance for a potential breakout in the short term.
The charts indicate that for the past few days, the bulls have been soft. An upward slope could be expected today, when the price of ADA is trading with a 0.70% increase. In case the demand follows suit, ADA may rise.
The price prediction, however, is bearish in the long term – but ADA has seen some comparable growth over the past week. The Relative Strength Index (RSI) is currently resting at 34.84 and indicates bullish features for quite some time now. The market, however, is downcast with an unsure and ruffled price action.
The low trading bulk for ADA has stalled the price of the altcoin at $0.042. In case this altcoin progresses away from the channel trend, the Cardano news could show a bullish bounce to $0.050 or $0.056 and eventually the $0.068 regions. Such marks would do a lot of good to investors. However, in case the $0.05 resistance fails to hold, the exchange may be uptaken by the bears and the price could fall to $0.039, $0.036 and $0.030 accordingly.
A technical Cardano price analysis also indicates that the decline is a strong signal that ADA is in the bearish zone now. The cryptocurrency has been lingering around the $0.045 to $0.040 marks for some time now.
In the short term, the prediction is bearish. The hour by hour chart indicates a potential increase in volatility (which could occur in any direction). If something like this occurs, resistance for ADA will be met at $0.046. The bottom, on the other hand, holds on to support at $0.04, $0.038 and $0.036 with a trend that is not as strong as many believe.
The price of Cardano (ADA) is recording a 0.74% jump today and is now trading at $0.042 with a market cap that is close to the $26 billion mark.
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