Will Cardano be able to withstand downward pressure as it nears a 90-day low?

0
4347

Cardano Price Analysis: General price overview

Cardano (ADA) is attempting to recover from a 49 percent drop in May as the month draws close. The currency has been correcting lower in recent weeks, reaching a 90-day low on June 22. Cardano fell to $1.02, nearly breaking through the psychological support level of $1.00. Despite this, the currency was able to recoup its losses and float back to $1.30. The coin is now challenging the 2018 high at $1.40 and consolidating a corrective relative strength index to go closer to $1.40. The AlonzoBlue 2.0 hard fork introduction on June 14, which will drive intelligent contracts on the ADA ecosystem, is one of the most recent Cardano advancements.

Other essential news releases include information from PoolTool, which shows that over 50,000 Cardano staking addresses were added in just three weeks. The number has increased by 8% in just a month, indicating a solid network that may attract new members.

Cardano‘s price has risen and fallen in the last 24 hours

According to market bulls, the currency was expected to break above last week’s falling trendline over the weekend. The bulls have come back from a falling wedge and demolish resistance around $1.33 and $1.35, even though the currency has not yet broken out. On the 24-hour chart, the technicals are downsloping, with an RSI in the oversold area. On the 12-hour chart, the moving average convergence divergence (MACD) has marked a positive crossover. On the other side, Cardano‘s price has passed above the Bollinger mid-point as well as the Bollinger moving average. On the 4-hour chart, the bands are widening, indicating increased volatility. The ADA/USD pair began trading on the daily chart at $1.3331 and reached an intraday low of $1.300. $1.3489 is the intraday high.

4-hour pricing chart for Cardano

Cardano
Source: TradingView

Although it is simple to disregard the current price as the weekend’s corrective low, market bulls may push for oscillating price movement from the daily high to $1.40. The coin is now trading between $1.31 and $1.33 at the time of writing. The present price level is just a continuation of the close positive upswing from yesterday. The uptrend’s direction will be determined by the bulls’ ability to resolve selling pressure at the 200-EMA.

Conclusion of the Cardano price analysis

Cardano’s growth strategy has a lot in store. The IOHK development team said that they were investigating and assessing the possibility of implementing Stablefees on Cardano. Stablefees is a platform that aims to establish a payment base price that is tied to a basket of stable currencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here