- ADA recurring consolidation cycle
- ADA Price Analysis – Persistent bearish price trend
In December, ADA recorded a year-to-date low of $0.030 after experiencing several price decline over the past months. Although, it has been a rollercoaster for the token since the beginning of 2019. Though the future seems brighter for investors and traders looking to trade for the long-term.
Cardano (ADA) Price Today – ADA / USD
Cardano is currently the 13th largest cryptocurrency by market cap with a 54.86% return-of-investment (ROI) since its launch. Currently, ADA is trading at $0.033, with major resistance levels at $0.035, $0.042, and $0.053. The major support levels are at $0.030, $0.025, and $0.020. Since the coin’s recovery from the yearly low, the bearish trend which persisted has caused a fear uncertainty and doubt (FUD) in the market. It has also caused a lack of interest in the coin from investors and traders over the past six days.
Currently, ADA is amid price consolidation. If buyers show interest in the coin, from the upside perspective, resistance is likely to occur at $0.042 and $0.053 above the declining wedge. While on the downside, the bears might likely retest the $0.03 support level. Temporarily, $0.035 is a major resistance for the bulls. A steer below the above-mentioned support may initiate more loss and mostly begin new supports to $0.025 and $0.020. Also, the RSI and the MACD are bearish, indicating that sellers are still in the market.
Cardano ADA Price Analysis – Persistent bearish price trend
Currently, ADA is trading on the crypto exchange platform within the ranges of $0.032 – $0.035. If the market trade out of these zones, the price of the coin might hit $0.037 and $0.039 on the upsides. Conversely, the coin may end at $0.030 if the price continues to decline. If $0.030 fails to hold, the bears might extend selling to $0.028.
Since December 26, traders are still trading in the $0.0325 and $0.0345 price zone. The hourly chart indicates that the trading volatility is somewhat low. After the unbiased trading zone, the ADA market is now stuck in a channel pattern. The price is now advancing to the channel’s support after reaching the channel’s resistance level. Since Monday, the coin has been consolidating moderately at $0.033.
The RSI and the MACD have also stayed oblique, nonetheless establishing a bullish structure. If the price surges, ADA may return to $0.0345. Further increment could bring out the $0.0355 and $0.0365 resistance level. Also, the market may decline to $0.032 and $0.031 if the channels breaks-down.
As long as the bearish trend persists, ADA will continue to cause FUD among traders. The beak from consolidation will determine if the long-term bearishness has ended or not.