ADA Price Analysis: Cardano shows no signs of recovery 

•ADA/USD is currently priced at $0.45 and has increased by 0.75% over the past day

•The trading volumes have increased by an impressive 99.49% over the past day

•The technical indicators suggest bearish momentum still at large in the market 

Short Term View: ADA price keeps moving under the bearish movement

The Cardano price today is $0.455681 USD with a 24-hour trading volume of $890,819,259 USD. Cardano is up 0.75% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.05794 for the altcoin.

Sep 02, 2021 marked the all time high for Cardano as the altcoin reached unforeseen levels and clocked its all time high of $3.10. It has been in a consolidation phase for the past month while the other cryptocurrencies around it have faltered.  This indicates the strength of Cardano as it looks to overcome it’s recent plunge,although it is currently trading above the 20 SMA but below the 50 SMA on the four hour chart. If it continues on its trajectory, ADA is likely to find support at $0.40 while the resistance is placed at $0.50 on the other end of the spectrum. There are, however, very slim chances of ADA crossing the resistance in the near future as selling pressures are mounting at a rapid pace.

Long Term View for ADA 

The technical indicators for Cardano are in line with the recent bearish momentum seen in the market. The green histograms have almost become redundant on the daily MACD chart as the sellers have taken the lead in the market. The MACD and signal lines are struggling in the negative territory as well, with no signs of improvement being seen in Cardano. The RSI line has moved below the 14-day average line as a result of the weakness persisting in the market, while the RSI indicator have plummeted during the day and gives a reading of 41.72.

Conclusion

The performance for Cardano has been very low due to a recurring bearish sentiment which has caused the market to fall gradually. The price actions remain choppy as the coin keeps following the sideways movement since last month.

Support: $0.40

Resistance: $0.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.